Braveheart Investment Group plc Conditional disposal of interest-Investee Company (0087G)
August 02 2016 - 6:08AM
UK Regulatory
TIDMBRH
RNS Number : 0087G
Braveheart Investment Group plc
02 August 2016
2 August 2016
Braveheart Investment Group plc
('Braveheart', the 'Company' or the 'Group')
Conditional disposal of interest in Investee Company
Further to the announcement on 29 July 2016, the board of
Braveheart is pleased to announce that it has agreed terms to
conditionally sell its 1.25 per cent. interest and the 3.75 per
cent. interest held by Strathclyde Investment Fund ("SIF"), in
which the Group has an 89.3 per cent. interest, in mLED Limited
("mLED") to a large US based technology company. The sale is
conditional, inter alia, on the termination of certain employee and
other contracts and on subsequent completion of the transaction
(expected in early September, but by no later than early November).
The cost of terminating these contracts will be offset against the
sale proceeds.
The total net consideration to be paid to the Group is to be
satisfied entirely in cash. It is estimated that the Group will
receive a total net consideration of GBP381,000.
mLED provides ultra-high brightness microLED array technology
for the fast growing markets of Near-To-Eye, Head-Up-Display,
Wearables, Printing and Lithography. The company is a spin-out from
the University of Strathclyde. At 31 March 2016, the net book value
of the interest held by the Group was GBP96,000. Accordingly, the
estimated total net consideration receivable will result in a
profit to the Group of GBP285,000.
The proceeds of the sale of the mLED shares, as and when
received, will increase the Group's cash reserves and will be used
for investing in suitable opportunities in accordance with the
Group's investment strategy and for working capital generally.
Given the outstanding conditions of the sale, there can be no
certainty that the transaction will be completed. A further
announcement will be made in due course.
Further information:
Braveheart Investment Group plc
Trevor Brown, CEO Tel: +44 1738 587555
Allenby Capital Limited (Nominated Adviser and Broker to
Braveheart)
David Worlidge / James Thomas Tel: +44 20 3328 5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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