SINGAPORE (July 23): Shares in The Trendlines Group opened 28.2% higher at 10 cents on Tuesday from its 7.8 cents close on Monday, hitting a intraday high of 10.2 cents minutes later.
The surge came on the back of news that the group has received a US$8 million ($10.9 million) investment from Librae Holdings.
As at 11.10am, the stock was trading 20.5% higher at 9.4 cents with 6.2 million units traded.
The three-month average daily volume traded for the counter was 2.4 million.
Librae Holdings is a company related to Vincent Tchenguiz, who is best known for his multi-billion-pound real estate portfolio.
In relation to the investment, Trendlines has signed a subscription agreement with Librae and will see Librae acquire 103.6 million new ordinary shares in the capital of Trendlines. This represents a 14.55% stake in the group.
Librae will be acquiring the shares at 10.5 cents each, bringing to total consideration to about $10.9 million.
“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,” says Tchenguiz.
“Today our investments are focused on Europe, Israel, and the United States, but we have been looking at Singapore as a target for a long time, and we view Trendlines as an avenue into that important market. We believe we could provide new markets for the underlying companies and very much like the concentration in AgriTech and medical devices that fit on developing financial model both in health care and planet eco system which includes Agritech/food tech and cleantech,” he adds.
Todd Dollinger, chairman and CEO of Trendlines, says, “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.”
