Veteran entrepreneur Lord Ashcroft, is launching another investment company onto AIM, called Shellproof, just six months after similar-looking Shellshock, the investment arm of Ashcroft-backed Carlisle group, joined the market. 

The newer Shellproof expects broker Cenkos to entice £4 million at 50p from investors at flotation for the company to invest in ‘one or more businesses’. The boardrooms of the two shells are exactly the same – to help cut costs no doubt – with Carlisle director Peter Gaze in the chair.

The board says it expects to have identified a target ‘within approximately the next 18 months’ and helpfully promises to return the cash if none is found within five years. Likely target areas are the business process outsourcing, facilities services and property services, in which Carlisle and Ashcroft are experienced operators.

As at Shellshock, Ashcroft – former treasurer of the Conservative Party – is stumping up most of the money, 76 per cent or £3 million in this case. If the ‘proof’ version proves as popular with optimistic investors as ‘shock’, already up from its 54p introduction to 66.5p without yet having done a deal, Ashcroft and his followers could soon be in the money again. Dealings are scheduled to begin next Wednesday.

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