Shares in Caledonian Holdings climbed 13% after the AIM-listed investor completed a share swap to increase its holding in financial services firm AlbaCo Limited.
The company acquired 250,000 AlbaCo shares from executive director Jim McColl at £1.00 each, paying in 5.8 billion new Caledonian shares priced at 0.0043125p.
The deal lifts Caledonian’s stake in AlbaCo to 1 million shares, or 3.65% of its issued capital.
The swap price represents a 57% premium to Caledonian’s closing market price on 12 August.
Following the transaction, McColl will hold 13.36% of the enlarged company.
The shares rose 0.00035p to 0.0031p.