Mindflair PLC - London-based investor in artificial intelligence technology - Notes digital media and ecommerce company Infinite Reality’s $450 million all-share acquisition of Landvault, a portfolio company of Mindflair investee Sure Valley Ventures Fund. Mindflair has a 13% direct interest in the Fund and a further 5.3% indirect investment through the Fund’s holding company Sure Ventures PLC. Landvault will receive new IR shares as purchase consideration. Following the acquisition, it is expected that the company will seek admission to Nasdac in the third quarter of this year together with its partner Newbury Street Acquisition Corp.
Disposal expected to generate around $6 million for Mindflair, a 470% increase in Sure Valley Ventures Fund’s carry value of Landvault at December 31 and an increase in the Fund’s net asset value from December 31.
Current share price: 1.01 pence, up 113% in London on Tuesday
12-month change: down 35%
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