(Alliance News) - Technology & software investor KRM22 PLC on Friday said it has agreed to take full ownership of Irisium Ltd.
KRM22 will acquire the remaining 40% stake in London-based Irisium for a GBP550,000 convertible loan note to Cinnober Financial Technology.
KRM acquired a 60% stake in the investee for GBP1.7 million back in June 2018.
KRM added: "The consolidation of the remaining stake in Irisium will provide the company with full control over Irisium and allow complete integration with KRM22. The transaction will immediately remove GBP700,000 of debt and liabilities from the group's consolidated balance sheet and GBP1.3 million of debt from the consolidated balance sheet."
Shares in KRM closed flat at 49.50 pence each in London on Friday.
By Eric Cunha; ericcunha@alliancenews.com
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Krm22 Plc (KRM)