RNS Number : 1390Z
Rapid Realisations Fund Limited
07 January 2011
7 January 2011
RAPID REALISATIONS FUND LIMITED
("Rapid" or "the Company")
Sale of Stake in Dynamic IT Management Services Limited
Rapid Realisations Fund Limited (AIM: RRF) announces that it has sold its stake in Dynamic IT Management Services Limited ("Dynamic"), a leading provider of trade notification software to the foreign exchange and OTC markets.
On 7 January 2011 the Company sold a total of 729,167 ordinary shares ("the Ordinary Shares") in Dynamic at a price of 53p per share, being a slight premium to the company's carrying book value of this holding. 384,528 Ordinary Shares were purchased by existing shareholders of Dynamic.
The remaining 344,639 Ordinary Shares were sold to Haydock Partners, which is controlled by two Directors of the Investment Manager of Rapid, at a price of 53p per share for a total consideration of £182,659.
For the purpose of the AIM Rules, Haydock Partners is classified as a Related Party to Rapid. As such, its participation in the uptake of Dynamic Shares constitutes a related party transaction under AIM Rule 13. The directors of the Company namely Brett Miller, Rhys Davies and David McHugh, who are independent of Haydock Partners, having consulted with the Company's nominated adviser Grant Thornton Corporate Finance, consider the terms of Haydock's share purchase to be fair and reasonable so far as the shareholders are concerned.
Grant Thornton Corporate Finance Philip Secrett
+44 (0)20 7383 5100
Rapid Realisations Fund Limited Rhys Davies
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