Core Ventures to delist

Franco Fedeli, CEO of Core Ventures, has announced that the firm will soon be withdrawn from the Nya Marknaden, Stockholm’s New Market. The announcement was made as Fedeli presented half-yearly results that showed losses of Euro 5.2m and a liquidity of just over Euro 55,000. The delisting of the venture capital company will be accompanied by two other moves to salvage the company: the sale of almost all of the portfolio holdings and the acquisition of 100% of Netrevelation, a logistics services start-up company, which is currently 32% owned by Core Ventures and should close the year with revenues of approximately E10m. The total value of the holdings to be sold amounts to Euro 24.3m. This comprises 14 companies active in the areas of the internet, e-commerce and wireless applications. Five of these companies, Castcom, DNG, Satsafe, Sign On and Smarteq, are listed with a total capitalisation of around Euro 1.85m compared with investments of almost E10m. According to Fedeli, a consortium of private investors, including himself, will acquire the entire portfolio. On hearing the news, shares in Core Ventures fell a further 10% to SKr 0.45 compared with a maximum of SKr 12.3 a year ago.

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