Or abstract corporate finance, perhaps…
The Board of V22 would like to announce that it received an indicative, all- paper offer from an AIM listed company (“AimCo”) to purchase the assets of the Company including the V22 Collection, valuing the Company’s assets at between 1.8p to 3p per share or a total price between £ 427,561 to £ 712,602 (the “Indicative Offer”). Whilst the upper end of this offer valued the Company at 6 times its current market value, the proposed consideration payable, was to have taken the form of new shares in AimCo at an issue price equivalent to a premium of 140% to its current mid-market price.
We are not immediately clear how this rejected takeover offer was simultaneously pitched at 6 times market cap, but only 1.4 times current market price.
No matter. What you need to know is this:
V22 is a collective art collection. V22 is structured as a traded, public limited company in which artists and investor-patrons own shares. Initiated and shaped by artists working in partnership with finance and business experts, the collection is grown and sustained on the recommendations of experts and its core artist-owner base.
The company is currently listed on PLUS, London’s kerb market, and the V22 Collection is being revalued:
The results and the revaluation are expected to be concluded by 31 May and show very positive signs.
And so to the work itself. Click the images…