Gunsynd invests in Media Tech special purpose vehicle

Gunsynd has invested £50,000 in public unlisted special-purpose acquisition company (SPAC) Media Tech (MTS), it announced on Wednesday.

The AIM-traded firm said the investment was through a subscription for 1,250,000 shares at 4p each, for a total consideration of £50,000.

Its investment was part of a £1.64m capital raising supported by institutional and high net worth UK investors, after which MTS would have 82,500,000 shares in issue, for a pro-forma equity valuation of about £3.3m.

Funds from the capital raising would be used for ongoing due diligence expenses associated with MTS’ ambitions to facilitate an acquisition, which could include businesses in the e-commerce, new media and immersive experience sectors.

MTS had ambitions to carry out an initial public offering on the London Stock Exchange during the second half.

“Gunsynd is pleased to have the opportunity to participate in the financing for Media Tech SPAC,” said Gunsynd director Peter Ruse.

“MTS is a special purpose acquisition company that has been established to acquire companies within the technology and media sectors.”

Ruse said he was “particularly impressed” by the board of directors assembled at MTS, which aimed to deliver an “exciting acquisition” for shareholders.

“With the depth of experience on offer, I feel confident in the MTS team's ability to execute and generate tangible value via future acquisitions.”

At 1035 BST, shares in Gunsynd were down 1.27% at 1.95p.