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Trendlines to receive S$10.9m investment from Librae Holdings
CATALIST-LISTED startup incubator The Trendlines Group announced on Monday that it will be receiving a S$10.88 million injection from Librae Holdings Limited (LH), a company related to UK business tycoon Vincent Tchenguiz.
Trendlines has executed a subscription agreement with LH, whose sole shareholder is a trust for which Mr Tchenguiz is the discretionary beneficiary, in which LH will subscribe for 103.6 million new ordinary shares in Trendlines' capital for S$0.105 each by way of a private placement.
The price represents a 35 per cent premium to Trendlines' volume weighted average price of S$0.078 on July 19, and LH will hold 14.55 per cent of the enlarged share capital of Trendlines following the placement.
Trendlines will use 30 per cent of the net proceeds of approximately S$10.8 million for general working capital. The remaining 70 per cent will be used for direct and indirect investments into new, prospective or existing portfolio companies.
Mr Tchenguiz, who is well-known for his real estate portfolio, has diversified his investments into biotechnology and planet-related technologies, and built a US$350 million technology venture capital portfolio in the past three years.
"Trendlines' history of developing early-stage companies, combined with its hands-on investment policy and the potential of its 53 portfolio companies, makes it an attractive investment with significant potential," said Mr Tchenguiz. "We believe in Trendlines' business model and are convinced that this represents a great opportunity."
He added that while his investments have been focused on Europe, Israel and the US, he views Trendlines as an avenue into Singapore, an important market.
Trendlines chairman and CEO Todd Dollinger said: "We are very excited to have LH join us as a shareholder. Their numerous life science investments in Israel and around the world make them more than a financial investor, but an investor with the ability to provide strategic value to Trendlines."
The placement will be completed five business days after the Singapore Exchange grants the listing and quotation notice for the shares, and after the relevant conditions are met, or such other date as Trendlines and LH may agree to set.
Trendlines shares last traded at S$0.078 on Friday, down 0.2 Singapore cent or 2.5 per cent.