Venture Life: fund raise and Director selling is scandalous!
The shares have gone nowhere since IPO but Directors are bizarrely allowed to exercise options and sell down their stakes, while at the same time raise huge amounts from foolish institutions. It’s totally bonkers!
Venture (LON: VLG), a developer of consumer self-care products whose shares have been doing nicely this year, has raised £34m through a placing with institutional investors, with a further £2m possibly coming through an Open offer. You can read our previous in-depth note on this business here, although unfortunately we now have grave doubts. The new money being raised is a significant sum for a business currently valued at only £81m and worth a fraction of this a few months ago. It is being raised at 90 pence per share, a 13% discount to the closing share price the day before, with…