LONDON (ShareCast) - (ShareCast News) - Cash shell Vale International raised £0.8m as it floated on the London main market on Monday with the aim of acquiring a financial services technology business in a UK market the directors believe remains attractive despite the post-Brexit uncertainty.
The company has been specifically formed to make acquisitions of businesses in the financial services or technology sectors in Europe and Asia.

Vale aims to find technology businesses which are developing intellectual property within the financial services industry to generate value for shareholders through expansion, improvements and acquisitions.

Chairman Patrick Tsang said he and his fellow directors, have "significant experience in the finance and technology arena and of executing complex financial transactions and acquisitions to return value to shareholders" and are particularly interested in the fintech sector where, targeting multiple opportunities, "we look forward to acquiring companies that can generate excess returns for our shareholders and benefit from our access to capital and experience".

As well as Tsang, the board includes Malcolm Groat, who is also a director of AIM-listed Tekcapital and a Baronsmead venture capital trust; and Simon Retter, whose previous involvement with AIM was as a director of Paragon Diamonds, which delisted last December after running out of cash.

Tsang added that the board felt the market offered "a favourable and exciting environment for building high growth companies".

"With investor and business confidence seemingly unaffected in light of the Brexit decision, the UK is an extremely attractive destination for corporate activity and remains a leading global finance and technology hub."

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