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(Alliance News) - Braveheart Investment Group PLC said Friday it has agreed to sell its 52% stake in Pharm 2 Farm Ltd to Remote Monitored Systems PLC.
Braveheart will receive 310.4 million shares, totalling about GBP2.4 million.
Remote Monitored Systems will also issue a further 289.6 million shares to P2F Founder Gareth Cave. As a result, RMS will own 100% of P2F's issued share capital.
"RMS considers that the opportunity to acquire and unite the two shareholdings of P2F, a business operating in two vital sectors and on the brink of near term growth, will lead to significant enhancement of shareholder value for RMS shareholders," Remote Monitored said.
P2F had unaudited revenue of GBP11,979 and profit of GBP4,292 for the seven month period ending March 31, 2020.
P2F uses a patented process for producing and functionalising nanoparticles for various applications including human, animal and crop health.
Braveheart noted it will hold a 37% stake in Remote Monitored Systems following the deal.
Braveheart Investment closed 4.6% lower on Friday in London at 17.65 pence. Remote Monitored Systems jumped 47% to 0.55p.
By Paul McGowan; paulmcgowan@alliancenews.com
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