A decades-old property investment firm is switching investment strategy to focus on technology.
Secured Property Developments is asking shareholders to approve a name change to Mollyroe and a shift in investment strategy from real estate to tech.
Executive director Paul Ryan said: “We are pleased to be offering these proposals as we set the company on a new footing with its proposed new investment strategy.
“This strategy if approved, is to focus on opportunities in the technology sector, initially with opportunities in spatial computing and intelligent natural interfaces that are the next computing paradigm which will fundamentally change human and machine interaction.”
In its most recent financial results for the six months to 30 June 2023, the company said commercial and residential real estate markets had been “disrupted and reset” by economic uncertainty and rising rates, adding: “Your board continue to reduce overheads wherever possible while we seek opportunities to invest the limited amount of capital and review the opportunities now available to the company.”
SPD’s shares are quoted on the Aquis Stock Market Growth Market.
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