(Alliance News) - Kelso Group Holdings PLC on Wednesday said it has raised GBP3.0 million through a subscription of 197.5 million shares priced at 2.0 pence each.

Kelso is based in Northamptonshire, England. Its purpose is to "identify, engage and unlock trapped value in UK listed companies across sectors."

As a result of the completion of the subscription, the company's name has now been changed to 'Kelso Group Holdings PLC' from 'Insight Business Support PLC.'

Also, the appointments of John Goold as chief executive officer, Mark Kirkland as chief financial officer and Jamie Brooke as chief investment officer are now effective. Meanwhile, Non-Executive Chair Jon Pither will step down.

As part of the subscription, Goold subscribed to 16.0 million shares, worth GBP320,000, Brooke subscribed to 12.5 million shares, worth GBP250,000, and Kirkland subscribed to 6.0 million shares, worth GBP120,000. Goold is now interested in 19.8 million shares, a 10% stake, Brooke is interested in 12.5 million shares, a 6.3% stake, and Kirkland is interested in 6.0 million shares, a 3.0% stake.

Following issue of the subscription shares, Kelso's issued ordinary share capital will comprise 197.5 million shares.

John Goold commented: "Mark, Jamie and I are delighted and appreciative of the investment from around 25 entrepreneurial friends as we embark on this new venture, with the aim of creating value for all our shareholders."

Shares in Kelso were up 5.4% to 1.95 pence each in London on Wednesday afternoon.

By Sophie Rose; sophierose@alliancenews.com

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