Update on WhiteRock and Growth Loan Fund -Amend

RNS Number : 5181Y

Braveheart Investment Group plc

22 February 2013

 



The announcement released earlier today at 15.02 under RNS No. 5154Y should have read 22 February 2013 and not 2012.

All other details remain unchanged. 

22 February 2013

Braveheart Investment Group plc

("Braveheart" or "The Group")

Update on WhiteRock Capital Partners LLP and the Northern Ireland Growth Loan Fund

Braveheart Investment Group plc (the 'Group' or the 'Company') (BRH), the AIM-listed investment management group, is pleased to announce that yesterday the Northern Ireland Enterprise Minister Arlene Foster MLA attended and spoke at the formal opening of WhiteRock Capital Partners LLP's ('WhiteRock') offices at 11-13 Gloucester Street, Belfast.  The event was also attended by the three partner firms behind WhiteRock, with Geoffrey Thomson, CEO of Braveheart, Barrie Hensby, CEO of NEL Fund Managers ('NEL') and Alan Mawson, Executive Chairman of Clarendon Fund Managers ('Clarendon'), present.

The Northern Ireland Growth Loan Fund (the 'Fund') was established in June 2012 and commenced its investment period in September 2012.  WhiteRock was formed by consortium partners Braveheart, NEL and Clarendon to manage the Fund. To date 20 loans have been approved totalling £5 million and a number of these companies have already drawn down their loans.

Speaking at the event, Minister Foster said: "The Fund has already made a number of significant loans and has a healthy number of enquiries from companies interested in benefiting from the Fund. I am confident that many additional SME businesses in Northern Ireland, who are crucial to creating a dynamic, innovative and export-focused economy, will benefit from investment from the Growth Loan Fund in the months and years ahead."

Paul Millar, Chief Investment Officer, WhiteRock said: "The £50 million Growth Loan Fund is already proving itself to be a key driver in export-led business growth in Northern Ireland, as well as stimulating local employment by securing existing jobs and creating many new jobs right across the province.

"Not only have our investors been extremely supportive, but the level of support and buy in from the banks locally has been very encouraging. Our product is complementary to other forms of finance and we couldn't provide loans to indigenous companies without their banks' consent. This level of support across the board - which also includes law firms, accountancy firms and venture capitalist referral partners - is a very clear demonstration of their commitment to supporting sustainable economic growth in Northern Ireland."

Geoffrey Thomson, CEO, Braveheart added: "The Growth Loan Fund is a new product in the market. We are delighted with the reaction of the market and the start we have made."

Further information:

Braveheart Investment Group plc

Geoffrey Thomson, Chief Executive [e-mail]

Tel: [phone]

Merchant Securities Limited (Nominated Adviser and Broker to Braveheart)

Lindsay Mair Catherine Miles

Tel: [phone]

WhiteRock Capital Partners

Paul Millar [e-mail]

Tel: [phone]

Media enquiries:

Allerton Communications

Peter Curtain [e-mail]

Tel: [phone]

Notes to Editors

Braveheart Investment Group plc

Braveheart provides financing and associated advisory services for small and medium sized enterprises (SMEs) as follows: 

For the company looking to raise money, we provide:

·     Equity capital.  This form of financing is typically long term and is usually appropriate for fast growing businesses or early stage companies.  We will consider equity financings where our individual investment, or the investment we arrange, would normally be a maximum of £2m although we are happy to participate in larger financings as part of a syndicate;

·     Debt finance.  Short to medium term and for companies with cash flow to service the loan.  Our unit size for this type of finance is up £1m and we will usually provide junior debt which is unsecured but linked to an equity instrument; and

·     Corporate finance advice on all aspects of raising money, strategic development and corporate governance.

The money we invest comes from a variety of sources (see below) and is sometimes linked to particular geographical locations.

To the investor, we provide a one stop shop service to those in one of the following groups who are looking for exposure to SME investments:

·     High net worth (HNW) individuals looking to build tax efficient Enterprise Investment Scheme (EIS) and Seed EIS portfolios;

·     Family offices and private sector institutions; and

·     The Public sector.

Investors can choose between investment types ranging from self-build portfolios, to a full fund management service.

www.braveheartgroup.co.uk

 

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