(Alliance News) - Seed Innovations Ltd shares rose on Monday, after it said it has received the remaining GBP2.4 million from the sale of its portfolio company Fralis LLC, trading as Leap Gaming.
Shares in the Guernsey-based investor were up 6.8% to 2.19 pence each in London on Monday morning.
Seed sold Leap Gaming to IMG Arena US LLC back in April last year. Leap provides virtual games for online, mobile and retail markets.
In total, Seed has received EUR5.8 million for the sale. The first tranche was received in April.
Chief Executive Ed McDermott said: "With an additional GBP2.4 million in cash in the bank, our financial position is exceptionally robust. Despite ongoing liquidity challenges in junior stocks, the investment landscape continues to offer compelling opportunities. Accordingly, we are committed to identifying innovative investment opportunities that will benefit our shareholders."
By Sophie Rose, Alliance News senior reporter
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Seed Innov (SEED)