20th Apr 2018 13:08
LONDON (Alliance News) - Sealand Capital Galaxy Ltd said Friday that it has entered into a non-binding agreement to sell unit SecureCom Media Holdings Ltd to Creative Alpha Ltd for a nominal consideration of GBP10,000.
The IT and digital sector focused investment company bought SecureCom in February last year for GBP1.0 million in cash and 10.0 million shares at a price of 20.00p each.
The stock was trading 4.4% lower at 5.02 pence per share on Friday.
Sealand said that the disposal is conditional and it is still in discussion regarding the terms. The company warned that the sale might not be processed, but if so, it is expected to be completed by the end of June.
"We invested in SecureCom in 2017 and were very excited about its prospects, but with new competitors entering the market and offering similar products we feel our investment is better served somewhere else," said Sealand Chairman & Finance Head Law Nelson.
"We will continue to deploy our capital to add further impressive companies to our portfolio while providing growth and returns to our shareholders," Nelson added.
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