CIP Merchant Capital syndicates minority stake in Italy vet clinic chain

CIP Merchant Capital announced on Monday that, further to its announcement on 7 December last year regarding its investment in private Italy veterinary clinics chain 7Star, it had now successful syndicated a minority stake of its aggregated investment in 7Star to certain investors.

The AIM-traded firm said that, under the syndication, the firm’s investment in 7Star would be reduced by €1.7m from €6.11m to €4.41m.

It said the resulting interest would be split €1.88m as equity and €2.53m as an interest free loan.

“Following the syndication, the company's economic interest in 7Star will therefore reduce from 49% to 35.4%, though the company will retain control of the voting rights over the shares transferred pursuant to the syndication,” the board said in its statement.