Business
Termination of Heirloom as Investment Manager
Termination of Heirloom as Investment Manager.
About this update from Jade Road Investments Limited
[{"type":"text","content":"\n\n\n\n \nJADE ROAD INVESTMENTS LIMITED\n(\"Jade Road Investments\", \"JADE\" or the \"Company)\nTermination of Heirloom as Investment Manager\nJade Road Investments Limited (AIM:JADE), the London quoted investment company that looks to provide investors exposure to alternative investments which aim to offer higher returns and lower risk than traditional asset classes, announces that, as a result of the Company's change in strategic direction announced on 7 February 2025, the Company and its Investment Manager Heirloom Investment Management LLC (\"Heirloom\") have mutually agreed to terminate Heirloom's role as Investment Manager with immediate effect. The directors of the Company will collectively assume the responsibilities previously carried out by the Investment Manager for the Company going forward.\n \nThe Company has agreed to settle outstanding fees owed to Heirloom of £137,258. To conserve the cash resources of the Company it has been agreed that the outstanding fees will be settled in both cash and shares. £68,628 will be paid in cash to Heirloom in equal instalments over the next 6 months and the remaining £68,630 will be settled by the issue of 6,863,000 ordinary shares at 1p per share. The share price of the Company as of 12 March 2025 was 0.215p. The issue of shares is therefore at a significant premium to the Company's share price. The issue of shares is a related party transaction under the Aim Rules for Companies. The Directors of the Company consider, having consulted with Zeus Capital Limited, the Company's nominated adviser, that the terms of the transactions are fair and reasonable insofar as its shareholders are concerned.\n \nJohn Croft, Chairman, commented: \"the change in approach to implementing the Company's investing mandate will result in a significant reduction in the operating costs of the business.\"\n \nAdmission and Total Voting Rights\n \nApplication has been made to AIM for 6,863,000 shares to be admitted to trading on AIM, the admission date is expected to be on or around 18 March 2025.\n \nIn accordance with the provision of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following the issue of the Placing Shares its issued ordinary share capital will comprise 390,056,134 ordinary shares. All of the ...