Tooru PLC started trading on AIM on Thursday as a health and wellness company, following the reverse takeover of the operating businesses of AQSE-listed S-Ventures PLC.
The reverse takeover was executed by Riverfort Global Opportunities PLC, which changed its name to Tooru.
The businesses purchased from S-Ventures include Juvela, a gluten-free bakery, as well as Pulsin and We Love Purely, which create healthy snacks. Together, they produced adjusted earnings of £800,000 on £7.2 million in revenue for the six months that ended June 30.
Tooru raised £500,000 from the sale of new shares at 0.75 pence, as part of its readmission to AIM and had a market capitalisation of £12.5 million at that price. The stock last traded at 0.29p midday Thursday.
S-Ventures remains listed on Aquis Stock Exchange as a cash shell. Its assets include a 27% stake in Tooru, plus a minority shareholding in Coldpress Foods Ltd and a dormant subsidiary, Ohso Chocolate Ltd. S-Ventures said it may distribute some or all of its Tooru shares to its own shareholders, but it also will look for new investment opportunities.
S-Ventures shares remain suspended from trading on AQSE, but the company said it expects the suspension to be lifted, with an announcement ‘shortly’.
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