Oberon raises GBP1.8 million; buys majority stake in Logic Investments
(Alliance News) – Oberon Investments Group PLC on Friday said it has bought a majority stake in Logic Investments Ltd, after raising GBP1.8 million.
The London-based boutique investment management, wealth planning and corporate brokerage group said it has agreed to buy 63% of the share capital of Logic Investments. Logic Investments provides custody and administration services to investment managers and financial institutions.
Logic said it has grown its funds under management and administration in excess of GBP275 million.
“The acquisition will enable Logic to develop a market-leading Back Office service, as well as support Oberon’s growing Investment Management and Corporate brokerage businesses,” explained Oberon.
The company said it raised GBP1.8 million through a placement of 50.1 million new shares priced at 3.5 pence each.
Oberon shares were up 1.5% at 3.30 pence each in London on Friday afternoon
Oberon said the proceeds from the placement will be used to support the expansion of the company’s Corporate Advisory and Investment Management business divisions and to accelerate growth in 2023.
Chief Executive Simon McGivern said: “This agreement will provide a strong platform to support Oberon’s future growth, growth which has been underpinned by providing the highest quality operational and custody services to our customers. As we progress, we aim to add additional services to The logic platform and work with providers to create market-leading custody and administration for other like-minded institutions to take advantage of the markets. rapidly changing capitals.”
By Sophie Rose, Alliance News reporter
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