2nd Dec 2019 17:44
(Alliance News) - Touchstar PLC said Monday it has agreed to sell non-core business On-Board to Chief Operating Officer Jon Hall.
The mobile data computing software firm said the business has been sold for GBP100,000 in cash, and 15% of gross revenue of certain contracts between completion and the second anniversary of completion.
Touchstar will also be retaining deferred income received from some on-board contracts amounting to GBP75,000.
As a result of the acquisition, Hall will stand down as a director of the company with immediate effect.
The On-Board business sells and maintains software for the sale of in-flight duty-free, catering and ancillary products. Its value was fully written off in the company's accounts for 2018.
Mark Hardy, chief executive, said: "The legacy of On-Board business has been a challenge for the group so we are delighted to be able to sell it and realise some value."
Touchstar shares closed 6.7% lower in London at 35.00 pence each on Monday.
By Loreta Juodagalvyte; [email protected]
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