AIM-listed investment vehicle Eurovestech is poised to net a near £14 million paper profit when online research company Cjudge completes its £25 million flotation on Wednesday 25 May.
Cjudge, which will be listed on AIM under the name ToLuna, has raised £5 million from investors prior to launch, through a 70p placing arranged by broker John East & Partners. Although the fundraising will dilute Eurovestech’s holding from 79.4 per cent to 63.5 per cent, it will increase the value of the stake from £2 million to a staggering £15.9 million.
In spite of this impressive gain Eurovestech has opted not to sell any shares on flotation, chief executive Richard Bernstein explaining that ‘we really believe in the business going forward’. Bernstein will continue to act as a non-executive director to the company too.
ToLuna, a provider of online data collection services to European market research organisations, says it will use the cash to accelerate its ‘development and profitability’.
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