Braveheart Investment Group PLC said it acquired a 7.89% interest in the architectural and interior design services company Aukett Swanke Group PLC (LSE:AUK) (ASG) for £219,082.
The 13,040,572 ASG shares were purchased at 1.68p apiece from Trevor Brown, who is the chief executive officer of Braveheart, the investment company said in a statement issued yesterday.
The consideration will be satisfied by the issue of 1,991,651 new shares in Braveheart at 11 pence each, which was the closing mid-market share price on 2 August 2022. Brown has undertaken not to dispose of any of the consideration shares for a period of one year.
The transaction will give Brown a total shareholding of 7,063,571 shares in Braveheart, equivalent to a stake of 12.69%.
Following the transaction, Brown will no longer have any ordinary shares in ASG.
ASG provides architectural and interior design services in the primary international market sectors of offices, residential, education, industrial, hospitality and mixed use or 'hybrid' developments. It has two principal UK subsidiaries, Aukett Swanke Ltd and Veretec Ltd, and offices in Abu Dhabi, Al Ain, Berlin, Dubai, Frankfurt, Istanbul, London, Moscow and Prague.
In the year ended 30 September 2021, ASG incurred a pre-tax loss of £1.53mln and as at 31 March 2022 had unaudited net assets of £2.63mln.
Braveheart said it believes ASG is a company “with medium-term growth potential” and that the investment “fits well” in its portfolio of advanced technology businesses.