Marechale Capital shares surge on 'transformational' acquisitions
Marechale Capital PLC on Wednesday saw its shares jump after proposing a round of ‘transformational’ acquisitions.
The London-based firm is an adviser and financing provider for consumer brands, leisure, clean energy, mineral extraction and technology companies.
Its shares more than doubled to 4.72 pence on Wednesday in London.
Marechale has proposed to buy Stanford Capital Partners, a UK-based corporate finance and broking firm focused on small and mid-sized businesses, alongside Bluebird Global Inc, a ‘global asset tokenisation platform’, and both NJC Capital Management VSA Private Fund Ltd, ‘a systematic alternative investment fund’ and its manager NJC Capital Management Ltd.
The transactions will be share-for-share exchanges, Marechale said, involving the issue of 75.2 million shares at £0.0175 each.
‘The board believes that the proposed acquisitions will help Marechale develop into one of the UK’s first publicly quoted, fully integrated digital merchant bank.
‘On completion of the proposed acquisitions, the company will expand its offering from traditional boutique corporate finance and taking stakes in the companies it advises, into a broader, tech-enabled platform comprising corporate finance, capital markets, tokenisation and asset management across both traditional and digital asset markets,’ Marechale said on Wednesday.
Chief Executive Patrick Booth-Clibborn commented: ‘This is a series of transformational transactions for Marechale which we believe establishes London’s first listed, full-service digital merchant bank with significant growth prospects.’
The acquisitions will require approval from Marechale shareholders at a general meeting on June 22. Conditional on the resolutions passing, Marechale has raised about £1.1 million through a subscription for 60.6 million shares, also at £0.0175 each.
Marechale has also agreed to settle fees owed to an advisor by issuing 2.0 million new shares at the same price.
As part of the acquisition plan, the company is appointing Stanford Capital Founder Patrick Claridge as an executive director of Marechale, effective June 24.
Before founding Stanford Capital, Claridge was chief executive of investment banking firm Northland Capital Partners and of Merchant Securities, which was then sold to Johannesburg-based lender Sanlam Ltd.
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