LONDON (Alliance News) - Midwich Group PLC said Monday it has acquired the remaining 10.5% of the issued share capital of Holdan Ltd, a distributor of technology solutions focused on the broadcast, professional video and traditional audio-visual markets.
The audio-visual distributor to the trade market satisfied the consideration for the Holdan stake buy via issue of 300,212 new ordinary shares. Midwich initially bought a 75% stake in Holdan for up to GBP7.9 million in September 2016 and had an option to buy the other 25% in three years.
Separately, the company said Managing Director Stephen Fenby sold GBP6.3 million worth of shares.
Fenby sold one million shares at 625 pence per share. He now owns 19.0 million shares in the company.
Shares in Midwich were trading 0.3% lower at 624.90p each midday Monday.
Midwich Group (MIDW)