NewRiver Retail, which pulled a proposed float in June after not enough investors backed the company, has returned with new plans to raise £25m, just a 10th of its original target.
The company, which is being set up by David Lockhart, the veteran property investor, yesterday said that it expected its shares to be admitted to Aim on 1 September.
The £25m has already been pledged, mostly by large institutional shareholders, although it is thought that the company could return to the market for further funding of up to £100m once it has established a record with its initial investments. Merrill Lynch is advising NewRiver.
Financial Times, Daily Telegraph