7th Mar 2016 10:59
LONDON (Alliance News) - Watchstone Group PLC said Monday it has agreed to sell its telecommunication software company Quintica Holdings Ltd to Quintica International Holdings Inc, a company owned by the statutory director of Quintica, Charles Osburn, for GBP1.4 million.
The company, which was formerly known as Quindell PLC, said it will be entitled to additional consideration in the event that Quintica is then sold on in the following year.
The division made a pretax loss of GBP1.9 million in 2015.
Watchstone Group said it had concluded the business did not fit with its current strategy, due to its historical performance and associated funding requirements, and believes that selling the business is in the best interests of Watchstone.
Watchstone will receive GBP1 million in cash, as well as the repayment of intra-company debt of GBP350,000.
Shares in Watchstone were up 1.2% at 218.06 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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