Grist raises $10m from Vocus share sale

30/08/2016 - 15:24

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Venture capitalist Anthony Grist has raised almost $10 million joining fellow board member and his private investment partner James Spenceley in selling down stakes in Vocus Communications to focus on the next generation of investments.

Grist raises $10m from Vocus share sale
Venture capitalist Anthony Grist.

Venture capitalist Anthony Grist has raised almost $10 million, joining fellow board member and his private business partner, James Spenceley, in selling down stakes in Vocus Communications to focus on the next generation of investments.

Mr Grist sold about one third of his stake to raise around $9.9 million, while Vocus founder and former CEO Mr Spenceley has raised $26.6 million from selling more 75 per cent of his shares.

The pair has already jointly invested in ventures such as ROBO 3D, a Californian 3D printing startup being backdoor-listed via Falcon Minerals, and Uniti Wireless, an Australian technology business aiming at filling some of the major gaps in the NBN network.

Mr Spenceley is establishing MHOR Asset Management with fund manager Gary Rollo, formerly of Renaissance Asset Management and one of Vocus' earliest institutional investors.

Mr Grist said his role on the Vocus mergers and acquisitions committee meant he had few opportunities to transact shares in the business, so acted now to rebalance his portfolio following a major period of activity, including the purchase of significant ICT infrastructure assets from Nextgen Group.

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