Business
Acquisition of further interest in Autins Group
Acquisition of further interest in Autins Group.
About this update from Truetide Plc
[{"type":"text","content":"\n\n26 June 2024\n \nBraveheart Investment Group Plc\n(\"Braveheart\", the \"Company\" or the \"Group\")\n \nAcquisition of further interest in Autins Group plc\n \nBraveheart Investment Group (AIM: BRH), announces an update on recent purchases of shares by Braveheart in one of its portfolio companies, Autins Group plc (\"Autins\"). Between 15 March 2024 and 25 June 2024, the Company has purchased a further 1,930,000 ordinary shares in Autins at an average price of 10.24 pence per share for a total cash consideration of £197,600, details of which are set out below. Following these purchases, Braveheart now holds 26.95% per cent. of the issued share capital of Autins.\n \n\n\n\n\nDate Of Purchase\n\n\nNo. of Autins Shares Purchased\n\n\nPrice (£)\n\n\nConsideration (£)\n\n\n\n\n15 March 2024\n\n\n300,000\n\n\n£ 0.080\n\n\n£24,000\n\n\n\n\n5 April 2024\n\n\n420,000\n\n\n£ 0.089\n\n\n£37,380\n\n\n\n\n19 April 2024\n\n\n85,000\n\n\n£ 0.100\n\n\n£8,500\n\n\n\n\n23 April 2024\n\n\n165,000\n\n\n£ 0.110\n\n\n£18,150\n\n\n\n\n8 May 2024\n\n\n250,000\n\n\n£ 0.100\n\n\n£25,000\n\n\n\n\n31 May 2024\n\n\n100,000\n\n\n£ 0.117\n\n\n£11,700\n\n\n\n\n28 May 2024\n\n\n110,000\n\n\n£ 0.117\n\n\n£12,870\n\n\n\n\n25 June 2024\n\n\n500,000\n\n\n£ 0.120\n\n\n£60,000\n\n\n\n\n \nAutins' shares are admitted to trading on AIM (AIM: AUTG) and the company specialises in solving acoustic and thermal problems in the automotive industry and other specialist applications. The growth of electric vehicle production has created new opportunities for Autins who now supply vehicle producers including: JLR, Nissan, BMW, Aston Martin, Lotus, Lamborghini and Bentley; as well as Tier 1 automotive suppliers: Draxlmaier, Kasai, Treves, Novares, Mergon and Yangfeng. In the year ended 30 September 2023, Autins made a loss before tax of £1.04 million on revenue of approximately £22.7 million with net assets of approximately £10.8 million.\n \nThe Board continues to seek investment opportunities, both within its existing portfolio and from outside. The Braveheart Board considers this investment to be a strategic investment and thus an important addition to the Group's portfolio.\n \nFor fu...