News Column

Octagonal Jumps After It Releases Latest Investment Update

June 11, 2014

Steve McGrath

LONDON (Alliance News) - Octagonal PLC saw its shares jump Wednesday after it said that its main investment, a 9.97% stake in custody and clearing company Global Investment Strategy UK

Ltd, had performed strongly in the past two months.

In a statement, Octagonal said GIS settled 12,000 transactions worth over GBP1.6 billion during April and May combined, and launched a mini prime broker service for its hedge fund clients.

GIS's main business is settlement and safe custody services for over 300 global hedge funds and family wealth offices.

"We see continued opportunity for growth by developing the range of services we can offer our existing and developing client base. Our core activities remain robust," Octagonal quoted GIS's management as saying.

Octagonal only bough the stake in GIS in early April. At that time it said GIS settled over 8,000 transactions for its custody clients with a settlement value exceeding GBP1 billion in March.

Octagonal shares were up 22.9% at 0.461 pence Thursday morning, the second-biggest rise on AIM.

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Source: Alliance News

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