(Alliance News) - Remote Monitored Systems PLC on Thursday announced the sale of its Geocurve business following a strategic review.
Earlier December, data collection and surveying firm RMS said it was reviewing options for Geocurve, after deciding competition on the surveying market meant the investment required would not be worth it.
It has now agreed a sale, to Landscope Engineering Ltd, for a minimum of GBP160,000. Most of the proceeds will be used to cover the costs of winding down Geocurve and to invest in its remaining two units, GyroMetric Systems Ltd and Cloudveil Ltd.
"The disposal of Geocurve will allow the board to focus upon the development of higher value activities where we are pre-eminent or believe we can become so, and as a result the prospects for growing shareholder value will be enhanced," said RMS.
Shares in the company were 6.2% lower on Thursday afternoon in London at a price of 0.30 pence each.
By George Collard; georgecollard@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
