31 August 2017 – sale of shareholding in ProPhotonix
The company has announced that it has disposed of its entire holding in ProPhotonix Limited, an AIM-listed laser diode and LED systems manufacturer and distributor. Proceeds of £1.5m will result in a £1m profit. This shareholding was originally acquired in a share swap with institutional investors in August 2014 when 4.925m shares were issued in exchange for 26.3% of ProPhotonix. The cash proceeds will be used to reduce debt. This is further positive news and we rate the shares as a BUY despite the recent increase in price.