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From: Dale
ArtDate: 4 June 2001
Section: (FLEET COMMS NEWS RELEASES)
Remote Name: 62.6.135.134
Date: 06/06/01
Time: 16:08
Fleet Financial Communications see also IPO Update 4th June 2001
News Item
REVERSE TAKE-OVER INVESTMENTS PLC OPENS 33% UP ON OFEX DEBUT
Investment vehicle Reverse Take-Over Investments plc ("RTI") surged 33% higher to 2 pence per share having opened at 1.5 pence. The company raised £207,000 on OFEX, through a placing, valuing the company at approximately £2.3 million. Established in October 2000, RTI forms and invests in shell companies perceived to be ideal candidates for reverse take-overs.
RTI will buy and develop cash shells, utilising them to acquire companies specialising in identified growing markets and with significant expansion potential. They will negotiate acquisitions that are expected to add value in the short to medium term, and ensure that experienced management teams are in position.
RTI Chairman Richard Owen said: "We decided to concentrate on investment in shell companies as they offer the prospect of high returns through substantial capital growth. We are dedicated to acquiring or setting up share stakes in UK registered shell companies which would benefit from our skills and expertise. Our aim is to help negotiate the acquisition of companies seeking a full listing, or admission to AIM or OFEX, by a reverse take-over."
RTI Chief Executive Geoffrey Simmonds said: "We will investigate the business case for each investment, and do not expect to invest more than 25% of our net asset value in any one shell company. We intend to effect our first reverse take-over within 12 months of our admission to OFEX."
Chairman Richard Owen is also currently chairman of Westside Acquisitions. Geoffrey Simmonds CEO, is currently CEO of Westside Acquisitions and founder shareholder and director (with Richard Owen) of United Trust & Credit plc (now part of Carlisle Holdings Limited), UTC Trading Corporation plc (now Hemingway Properties plc) and Chelsea Flowers plc (now part of Electronics Boutique plc). David Hillel Finance Director, is currently the senior partner of Auerbach Hope, and Warren Roiter Executive Director, is a founding partner of solicitors Roiter Zucker. Randal MacDonnell, Non-executive Director, was formerly a partner with Laurie Milbank and Co, Stockbrokers and a director of Chase Manhattan Securities, Credit Lyonnais Securities Limited, and Kleinwort Benson Securities Limited.
Corporate Adviser to the Company is Seymour Pierce Limited.
- ENDS -
Issued on behalf of Reverse Take-Over Investments plc, 167 Fleet Street, London, EC4A 2JB by Fleet Financial Communications, 6 Middle Street, London EC1A 7PH.
Enquiries: Richard Owen RTI 020 7935 0811 Geoffrey Simmonds RTI 020 7935 0823 Ewan Leggat Seymour Pierce 020 7648 8717 Ian James/Hugo de Salis Fleet 020 7601 1066
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