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10 Group nets pounds 1.2m with placing.

10 Group, the ad agency group converted into a media and Internet venture fund by Birmingham entrepreneurs Mr Andy Moore and Mr Paul Harvey, has raised another pounds 1.2 million in a share placing.

Mr Moore also revealed yesterday that the group has taken 250,000 shares in Shami Ahmed's new Internet incubator Legendary Investments at the 2p-a-share placing price.

Legendary Investments' shares soared on their first day of trading on Thursday to close at 16p.

Mr Ahmed, the multi-millionaire founder of the Joe Bloggs jean chain, took a stake in 10 Group in November amid rumours that he could be about to use it to provide a listed vehicle for his Internet ventures. The move more than doubled 10 Group's penny share price.

Yesterday, Mr Moore said he hoped that Mr Ahmed's Internet incubator and 10 Group's own Internet venture fund 10i, could work together to syndicate deals.

Yesterday's placing of 10 Group shares was at 3.25p, a discount to 10 Group's market share price, which was yesterday unchanged at 4p.
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Publication:The Birmingham Post (England)
Date:Mar 4, 2000
Words:174
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