Investors have reacted positively to the appointment of David Brown to the newly formed Investment Advisory Board of Fragrant Prosperity Holdings (LON: FPP). He has experience in fintech and AI and could help to secure an acquisition for the shell.
The number of shares traded is already more than any other single day that the company has been on the Main Market. At one point the share price had quadrupled and it is currently 259.7% ahead at 1.025p. This is the highest it has been since June 2022.
David Brown will work with directors Simon Retter and Richard Samuel to identify acquisition targets. He was a founder of AI-based supplier payments company Previse and payment platform Oxygen Finance.
The British Virgin Islands-based company floated as Vale International Group on 5 September 2016, and it was seeking a technology acquisition in Europe or Asia. The name was changed to Fragrant Prosperity Holdings at the end of 2017. In 2021, the investment mandate was broadened to include medicinal cannabis. There were plans to acquire cannabis wellness company CiiTECH in 2021, but talks ended in March 2022.
That means that Fragrant Prosperity is still seeking its first acquisition after all these years on the stockmarket. Last week, it raised £125,000 via a convertible loan note and agreed a refinancing of existing convertibles, including the repayment of one of the holders.