12 October 2017
INDIGO HOLDINGS PLC
(“Indigo” or the “Company”)
Investment in 3sootjobs
Indigo Holdings plc (NEX: INGO), the Middle East focused Investment Company that provides investors with exposure to early stage businesses, has invested £10,000 (€11,146) in 3sootjobs (“3sootjobs”).
3sootjobs aims to become Iran’s leading job-search platform by revolutionising Iran’s job-search market by creating and introducing a smart, fast and easy-to-use app that will allow job seekers and employers to instantly search, connect, and get hired, all through a swipe.
3sootjobs has raised €125,000 at a post money valuation of €725,000. After the investment of €11,146, Indigo has a 1.53%% holding in 3sootjobs.
Related Party Transaction
Following completion of the investment referred to above, Turquoise Group Limited (“Turquoise Group”) owns 62.89% of 3sootjobs’ enlarged issued share capital (49.65% directly and 13.24% indirectly through its stake in Ctrl+Tech Incubator). Rouzbeh Pirouz, Nick Harwood and Ramin Rabii invested €10,000, €10,000 and €6,000 respectively in this fundraising round, and own 1.38%, 1.38% and 1.53% respectively of the issued share capital of 3sootjobs, where Ramin Rabii’s 1.53% stake includes 0.7% from consideration of previous activities he has performed. Rouzbeh Pirouz and Ramin Rabii also own 44.62% and 13.029% respectively of Turquoise Group, which itself owns 32.13% of the issued share capital of the Company. Rouzbeh Pirouz and Ramin Rabii also own 3.21% and 10.94% of the Company’s issued share capital respectively. Pursuant to the NEX Exchange Growth Market Rules for Issuers, the transaction with Turquoise Group constitutes a related party transaction. Hamish Harris, the Independent Non-Executive Director of the Company, considers that the terms of the transaction between the Company and Turquoise Group and the investment into 3sootjobs are fair and reasonable insofar as the Company’s shareholders are concerned.
Indigo Non-Executive Chairman Nick Harwood sees strong growth potential in e-commerce in Iran:
“And this is evidenced by the exciting pipeline of projects across numerous industries that we are currently evaluating as investment prospects.”
Commenting on the latest acquisition, Eddie Kerman, Executive Director of Indigo Holdings, said:
We are delighted to make this investment into a fantastic team and a model which we think has enormous potential within the Iranian e-commerce market.
The Directors of the Company accept responsibility for the content of this announcement.
For further information please contact:
Indigo Holdings plc
|+44 (0) 20 7493 0412|
|NEX Exchange Corporate Adviser
Peterhouse Corporate Finance Limited
Guy Miller and Mark Anwyl
|+44 (0) 20 7469 0930|
Yellow Jersey PR
Charles Goodwin/Joe Burgess
|+44 (0) 7747 788 221|
About Indigo Holdings plc:
Indigo Holdings is an Isle of Man incorporated investment Company targeting opportunities in the Frontier Markets of the Middle East. The region represents an exciting investment jurisdiction given recent political developments, both internally and externally, and also its considerably advantageous geographic location.
Initially concentrating on the fast-growing Technology, Consumer and Financial Services sectors, the Company is focussed on helping early stage businesses with huge growth opportunities to reach their potential and to provide significant shareholder returns. The strong background of the management team in these sectors, combined with their established business network in the region will help Indigo to identify the best possible investment opportunities.
Indigo Holdings is perfectly placed to grant UK investors unique exposure to the Middle East’s renewed economic and political trajectory.