Sealand Capital Galaxy (LSE:SCGL) assigned its £300,000 convertible loan note and associated warrants in EVOO AI to VBG Consulting Holdings for a cash consideration of £250,000, in a move the company says reflects a refocus of corporate priorities.
The London-listed investment company said the disposal simplifies its position, removes non-core exposure and aligns with its evolving strategy, and that following completion it will have no remaining financial interest in EVOO. Financially, the group transferred a £300,000 note for £250,000, implying a £50,000 headline shortfall on the investment, and the transaction creates no new shares or dilution to Sealand’s shareholders.
Mr Siqi (Daniel) Cao, Chief Executive Officer, said: "It simplifies the company's position, removes non-core exposure and allows management to remain focused on advancing Sealand's core opportunities, building on the repositioning already undertaken." Sealand said the proceeds support management’s priorities of strengthening its technology and investment platform, progressing commercial opportunities and executing the next phase of the company's growth strategy.
