LONDON (Alliance News) - Westside Investments PLC, the AIM-listed investment vehicle, Thursday said its Pantheon Leisure PLC subsidiary had sold almost a third of its stake in Fitbug Holdings PLC on Tuesday.
In a statement, Westside said Pantheon sold 2 million Fitbug shares at 4.4 pence each, leaving it with nearly 4.3 million shares, or a 2.52% stake in Fitbug.
Pantheon will have made a healthy profit on its investment. Fitbug shares were up 7.1% at 4.82 pence Thursday morning, but have risen over 1000% over the past month, since it said in late October that US retail chain Target Corp and UK supermarket J Sainsbury PLC would stock Fitbug products in their wearables ranges from November 9, marking the company's largest retail sales agreements to date.
The maker of wearable devices and apps that encourage fitness and wellbeing said its products will be stocked in all of Target's 1,800 stores as well as on Target.com, the online business. Sainsbury's, meanwhile, has agreed to stock Fitbug products in 293 stores.
Westside Investments shares were untraded Thursday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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