Concha shares slide as Ve Interactive fiasco continues

Concha shares were on a slippery slope on Monday, after the technology investor confirmed it was looking at a proposed restructuring of its primary investment Ve Interactive.

Ve Interactive had seen its own value plunge in a rescue deal last week.

The AIM-traded Concha said on Monday it had been monitoring “all the recent developments” at Ve Interactive, including a report published by the Telegraph over the weekend that Ve’s value had fallen to £300m from £1.5bn after Aston Ventures injected an emergency £3m last week.

Following that, Stuart Chambers - the former chairman of ARM Holdings, who was announced as Ve Interactive’s new chairman last November - backed out of the deal.

Ve Interactive would now be chaired by Scottish billionaire Doug Barrowman, who controls Aston Ventures.

“The company is in active dialogue with other major Ve Interactive shareholders about the proposed restructuring and associated funding plans for that business,” Concha’s board said on Monday.

“These discussions are ongoing and the Board will provide a more comprehensive update in the chairman's statement of our interim results, for the six months ended 31 December, which will be released later this week.”

Concha had put £4m into Ve Interactive for its minority stake thus far.