Disposal
Sold majority 21% stake in TrackRecord Holdings for £1.4m cash, retaining 1%.
- Cash consideration £1.4m
- Expected profit on disposal £1.2m
- Carrying value at 31 May 2024 c.£160,000
- Loss recorded FY 30 November 2023 c.£198,000
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Pulsar Group Plc (AIM: PULS), the technology innovator delivering Software-as-a-Service (SaaS) solutions for the global marketing and communications industries, is pleased to announce that it has sold the majority of its 21% shareholding in TrackRecord Holdings Limited, the holding company of compliance management company Trailight, for a cash consideration of £1.4m. The Company now retains a 1% shareholding in TrackRecord Holdings Limited.
For the year ended 30 November 2023, Pulsar's recorded a loss of c.£198,000 on its income statement associated with this minority interest and the carrying value of the shareholding on the interim accounts balance sheet of Pulsar as at 31 May 2024 was c.£160,000. Pulsar expects to recognise a profit on disposal of £1.2m.
Christopher Satterthwaite, Non-Executive Chairman, commented
"We are delighted to crystalise the value of our minority shareholding in Trailight with the proceeds of the transaction being used in the Group's strategy of capitalising on the market opportunity and enhancing the profitability and cash generation of the Company."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.