LONDON (Alliance News) - Strat Aero PLC said Tuesday that it gained a controlling interest in GyroMetric Systems Ltd after buying 228,000 shares from Braveheart Investment Group PLC.
Strat Aero bought the shares for a total consideration of GBP273,600, which will be satisfied via the issue of 23.8 million shares in the company at 1.15 pence each to Braveheart.
The transaction increases Strat Aero's shareholding in GyroMetric, a development and manufacturer of digital monitoring and safeguarding equipment, to 57.8% from 36.9%.
"The increased investment in GyroMetric reflects the board's increased confidence in the prospects for GyroMetric," Strat Aero said.
After the exchange of shares, Strat Aero said that Braveheart reduced its shareholding in GyroMetric to 19.9% from 40.8% and acquired a 7.2% stake in Strat Aero.
In a separate release, Braveheart noted the share exchange.
Strat Aero shares were trading down 9.1% at 1.00p each, while Braveheart shares were trading down 7.7% at 15.00p.