17th Aug 2018 08:42
LONDON (Alliance News) - Gresham House Strategic PLC on Friday said it sold 42% of its stake in software company IMImobile PLC for GBP9.6 million.
Shares in Gresham House Strategic were trading 6.1% higher on Friday at 1,055.56 pence each, while IMImobile shares were down 0.3% at 323.00p each.
Gresham House Strategic didn't say at what price it sold the IMImobile shares. The investment company said its remaining stake in IMImobile is 6.3%.
Gresham House Strategic said the sale generate GBP5.0 million in profit, giving its investment in IMImobile a 19% internal rate of return, above the company's target return of 15%.
"Gresham House remain supporters of IMImobile and the considerable market opportunity the business is targeting, and as such we have retained a significant investment in the company," said Gresham Investment Committee Chairman Tony Dalwood.
"We look forward to continue to drive total shareholder return through deployment in further long term investment opportunities," added Dalwood.
Related Shares:
IMO.LGHS.L