LONDON (CelebrityAccess MediaWire) — Vince Power has met the fundraising goal necessary for his plan to take his new live music venture Music Festivals public via an IPO on the alternative investment market exchange (AIM).
Power, and his financial advisers Merchant Securities managed to raise the £6.5m needed for the IPO, which included costs associated with buying out majority shareholders in the major Spanish festival Benicassim. According to the business journal City AM, Power renegotiated a buyout deal with his former partners, upping his stake from 22% in a part-cash, part-loan note transaction.
Music Festivals plans to launch their IPO on June 23rd on AIM, a sub-market of the London Stock Exchange that caters to smaller firms looking to float shares with less regulatory oversight.
Power took his previous venue management and festival company Mean Fiddler public on AIM before subsequently selling it to a partnership composed of Live Nation and Irish promoter Gaiety Investments for £38m.
His more recent endeavor, Vince Power Music Group went into administration in early 2010, costing costing Power a reported £7.9m, but was eventually reacquired by Power for £600,000. – CelebrityAccess Staff Writers