Whitestone Group Further Increasing Stake in Newtree Impact

Whitestone Group has announced that it was the main contributor (€1.9m) in the latest €4.8m capital raise of Newtree Impact. Whitestone's participation was partly in cash (€0.5m) and partly in kind (€1.4m; Santé Nutrition Feeder). As a result of the transaction, Whitestone's stake in Newtree Impact has increased from 4.55% to 12.34%. Thanks to the recent partnership with Mutifin SA, Clay Capital, which is currently part of Multifin SA, will now become part of Newtree Impact. As part of the transaction, 1,815,638.0m shares were issued at a price of €2.62ps, representing an increase of 12.0% vs. the last fundraising price of January 2023. We welcome this news as it is indication of the swift integration of Multifin's assets into Whitestone's portfolio. We reiterate our BUY rating & €13.7 TP.