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Sabien Technology Group PLC - AIM-listed energy efficiency technology firm - Says largest shareholder Pension SuperFund Private Markets Ltd has sold its entire 25% stake after proposed acquisition of Ptarmigan Health Destinations SA did not go ahead.
"This holding of 363.4 million shares, representing 25% of the issued share capital of the company, has been placed by the company's Broker, Peterhouse Capital Ltd, with a range of its investor clients, at a price of GBP0.001175 per share," company says.
Sabien's GBP11.5 million acquisition of Swiss-based health destination firm Ptarmigan Health Destinations collapsed last week.
The reason for the withdrawal was that Sabien would not have been able to secure the required approval from Swiss and UK regulators in enough time to avoid its shares being cancelled on AIM. As a result of this, Sabien said it requires further financing in the short-term in order to invest in itself as well as bolster working capital.
Current stock price: 0.14 pence; up 9.4% on Wednesday
Year-to-date change: up 45%
By Paul McGowan; paulmcgowan@alliancenews.com
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