Librae Holdings investing $8m in The Trendlines Group placement issue

Agricultural paddy

Librae Holdings Limited (LH), a UK-based trust owned by real estate magnate Vincent Tchenguiz, has entered into a placement share agreement with Singapore Exchange (SGX) Catalist-listed The Trendlines Group (TTG) for an investment of S$10.88 million ($8 million).

Vincent Tchenguiz’ trust has diversified its investments into biotech and green technologies, and has built a $350-million technology venture capital portfolio.

The trust invests in incubators, venture funds and medical companies in Israel, Europe, and the US.

The placement shares are issued at a price of S$0.1050 ($0.077) apiece. The issue has been approved by TTG shareholders by way of an ordinary resolution at the AGM on April 29, 2019.

The net proceeds of $7.94 million will be used for direct and indirect investments into new, prospective or existing portfolio companies and for working capital.

Trendlines Group is an early-stage incubator and investor headquartered in Israel. The company has four business units: Trendlines Medical, Trendlines Agtech, Trendlines Labs and Trendlines Medical Singapore. Trendlines is publicly traded on the SGX Catalist Board and OTCQX International as an American Depositary Receipt (ADR).

Given the capital-intensive nature of its business, and the unpredictability of cash flows, the company notes it was in the best interests to maintain adequate cash reserves at all times.

TTG shares were last quoted S$0.097, up 1.9 Singapore cents, or 24.358 per cent at 9:35 am SGT on July 23, 2019.