BVI investment group invests $565,000 in European e-learning company

There are a lot of investment companies registered in the British Virgin Islands. One of them is Spintop Venture Holdings Limited – BVI investment group going to invest more than half a million dollars in one of the leading European e-learning company Futuremedia (Nasdaq: FMDAY).

Yesterday Futuremedia PLC announced a private placement of Ordinary Shares for subscriptions totalling $4,315,000. The proceeds of this placement will be used by the company for financing the acquisition of Button Group PLC, expected to complete this month, as well as for additional working capital.

Out of $4,315,000, $3,500,000 will be invested by a UK-based Le Shark Limited at the price of $0.20 per share for a total of 17,750,000 Ordinary Shares. Spintop Venture Holdings Limited, a BVI-based investment group making BVI investor the second biggest in the company, will invest $565,000.

Company directors Jan Vandamme, Leonard M. Fertig, Mick Pilsworth and Michiel Steel will invest $50,000 for each in ordinary shares of the Futuremedia company and a private European investor Marc Renson will invest $50,000.

In accordance with company's expectations, these placements are to be completed within 10 business days. A finders fee is payable on this transaction in ordinary shares, which is 773,575 shares.

Futuremedia is a leading company with two decades of experience providing next-generation, valuable e-learning content and services to both public and private organisations. Futuremedia content and services offer includes Learning Management Systems, learning consultancy, learning programs and a large library of published courseware titles. Futuremedia is also considered to be a leader and pioneer in the development and delivery of a variety of fully-managed employee benefit programs for large companies.

So, this seems to be a good offshore investment for the BVI investment group.