Newly-incorporated investment company Azurite Investments has joined PLUS Markets, placing 100 million shares at 1p each to raise £1 million.

Newly-incorporated investment company Azurite Investments has joined PLUS Markets, placing 100 million shares at 1p each to raise £1 million.

On admission, Azurite’s share capital comprises 276.7 million shares at 0.075p each. Its directors hold about six per cent of the company.

Paul Harris, a non-executive director at the company, holds some 13.3 million shares in Azurite, comprising a 4.82 per cent stake. Chairman David Wilson owns 2 million shares in the company.

Manchester-based Azurite aims to focus on investments or reverse takeovers in the retail sector, with the targets’ management continuing to run the companies. Azurite is expected to raise more funds to pay for future acquisitions or investments.

City Financial Associates was corporate adviser to Azurite, while its broker was Gall & Eke Corporate Partners.