16th Sep 2016 10:50
LONDON (Alliance News) - Braveheart Investment Group PLC said Friday that Strathclyde Innovation Fund, a company in which it holds a 89.3% interest, sold a 1.25% stake and a 3.75% stake in US technology company mLED Ltd.
Braveheart's total consideration from the sale is GBP367,000, satisfied in cash.
As at the end of March, the net book value of the mLED interest was GBP96,000, and as such, the estimated net consideration for Braveheart is GBP271,000.
It plans to use these proceeds to increase its cash reserves, as well as investing in "suitable opportunities" in line with its investment strategy.
Shares in Braveheart were up 6.5% at 15.44 pence Friday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2016 Alliance News Limited. All Rights Reserved.
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