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An investment vehicle seeking a suitable target for a reverse takeover in the financial sector has raised £1 million on PLUS. Lambolle Partners was formed by chairman Michael Edelson, who sits on the boards of several AIM-listed companies, and non-executive director Emma Myers, a director of IT services business Oxygen Ventures.

Edelson and Myers are both directors of Birch Partners, another PLUS-listed investment vehicle the duo formed in August 2006 with the intention of acquiring a business in the technology sector. Despite raising £1.6 million on its flotation, Birch has failed to find a suitable target, although it did due diligence last year on a deal that came ‘very close to completion’.

As Lambolle Partners, which has a market capitalisation of £2.3 million following the initial public offering, Edelson and Myers are looking for businesses that have developed a product in the financial sector but need additional funds to help bring it to market. They will consider risky ventures provided they consider their business plans to be ‘achievable’.

The largest shareholder in Lambolle Partners is Pentagon Sterling Satellite II Fund, with 17.03 per cent of the issued share capital. Pentagon is owned by Isle of Man-based asset management company Canada Life.

Edelson holds a further 10.27 per cent of the company, while Myers holds 1.08 per cent.

The company’s shares were floated at 1p on 30 January 2008.

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