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Trendlines, Agriline to invest US$6.1m in portfolio companies
AGRILINE, the investment vehicle owned by a trust of which Trendlines' controlling shareholder Vincent Tchenguiz is a discretionary beneficiary, plans to make a US$5 million investment into seven of Trendlines' portfolio companies.
Trendlines also plans to invest US$1.1 million in six of its portfolio companies, alongside Agriline, it said on Monday.
Trendlines did not name the portfolio companies.
Two of the investments will be in the form of share-purchase transactions, in which Agriline, and for one of the investments, Agriline and Trendlines, will join existing financing rounds of these portfolio companies, and five investments will be executed as Simple Agreement for Future Equity (SAFE) transactions.
Trendlines said: "A SAFE is an equity derivative instrument, by which the SAFE investor commits capital to an investee company today, in exchange for the right to receive shares in the portfolio company when there is a future financing by the portfolio company."
Neither Agriline nor Mr Tchenguiz possess any influence on the price per share of the respective future equity rounds, which will be determined in the future by third-party investors negotiating with the respective portfolio companies, Trendlines said.
The transactions are contingent upon the execution of the definitive agreements by Trendlines, Agriline and the respective portfolio companies, as well as the necessary approvals from the respective portfolio companies' boards of directors.
Trendlines shares closed flat at S$0.121 on Monday.