Last we revisited the Glentham Capital saga, reports were being circulated that the Seedrs funded project had reached an agreement with CEO Jeff Lynn. This came following a statement in the Times that Seedrs had threatened to sue founder Nicola Horlick on behalf of the individuals who invested in the fund.
We reported that Seedrs had reached an agreement-in-principle with Horlick, in which she would be raising the cash, via a sale of an asset, to make the investment. Horlick had been given until March 31st, 2017, to accomplish this task and Seedrs agreed.
Recently we contacted Seedrs for an update but as of yet we have not received a response.
Crowdfund Insider did hear from a representative of Horlick’s team that shared a statement released in late April.
According to this document, Horlick has made a new equity investment of £250,000 in Glentham. Reportedly, this investment comes after an overseas investor failed to meet a commitment to invest in the company.
Horlick allegedly signed the required paperwork to make this investment before the March 31, 2017 deadline. However, due to an administrative issue beyond her control, the transfer of some of the investment funds was delayed. Regardless, it was said that Seedrs would not be taking legal action and has confirmed that, as the full investment has been made, it does not intend any additional recourse.
The London Evening Standard reported at the end of April that Horlick had “sidestepped a potentially messy lawsuit by stumping up £250,000 for her Hollywood film financing unit.” The Times reported on the “fury” of the Seedrs investors in December.
Glentham Capital raised a total of £392,268 in three funding rounds, according to Seedrs. The first took place in July of 2013. Glentham’s stated intent was to raise £100 million to invest in independent films. There is an investor presentation for Glentham Capital posted on Castle Placement, a US based boutique investment bank. The deck appears to indicate that Glentham has shifted its focus to asset backed lending. The presentation states that Glentham is seeking $125 million, in line with the company’s initial intent.
While Glentham’s future remains unclear, and Horlick’s shine may have been dulled by the entire saga, hopefully the capital infusion provided by Horlick can resurrect Glentham Capital for the benefit of early shareholders. The release from Glentham stated;
“Now that the investment has been received, the company can return to its focus of creating value for its shareholders.”
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