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Highlights
Braveheart Investment Group has acquired a 29.5% stake in IQ-AI, a brain cancer diagnostics company, from CEO Trevor Brown.
The transaction is classified as a related party transfer, with shares purchased at a price of 1.1 pence each.
Following the announcement, shares of both Braveheart and IQ-AI experienced an increase of over 14%.
Overview
Braveheart Investment Group PLC {LSE:BRH} has announced the acquisition of a 29.5% stake in brain cancer diagnostics firm IQ-AI through a transaction involving chief executive Trevor Brown. This acquisition, valued at approximately £719,000, has been classified as a related party transfer due to Brown's leadership role in both organizations.
In this transaction, Brown transferred 65,415,862 shares of IQ-AI to Braveheart at a price of 1.1 pence per share, amounting to £503,371. Additionally, a further 19,654,779 shares were acquired from a company owned by Brown’s children under the same terms.
Braveheart's independent directors noted the opportunity to acquire a substantial stake in IQ-AI at what was perceived as an attractive entry price. In a statement, the company highlighted that the directors acknowledged progress being made by IB, a subsidiary of IQ-AI, in its Phase 1 Clinical Trial of gallium maltolate, which is aimed at treating brain cancer.
The acquisition aligns with Braveheart's strategic focus on sectors that demonstrate potential for growth and innovation. The directors expressed optimism about the synergies between Braveheart and IQ-AI, emphasizing that the IQ-AI business complements Braveheart's strategic goals.
Following the announcement of this acquisition, shares in both Braveheart and IQ-AI surged, rising by more than 14%. Braveheart's shares reached 4 pence, while IQ-AI's shares increased to 1.38 pence, reflecting positive market sentiment surrounding the transaction. This development signifies an important step in Braveheart's strategy to enhance its portfolio with companies in the healthcare sector, particularly those focused on innovative diagnostic solutions.
Braveheart’s Stock Increases by 14% After Securing CEO’s Stake in IQ-AI
October 11, 2024 11:53 AM BST | By Team Kalkine Media
