Fantastic News!! BUY17 Apr 2009 11:30
I think you misunderstood the RNS update...PHILIPS have actually SOLD their stake in PACE earlier than the lock in period.
This is good because it hasn't affected the SP at all!...
PACE can only go up now...
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Philips sells its stake in Pace
LONDON (Reuters) - Dutch electronics company Philips Electronics NV is selling its 17 percent stake in set-top box maker Pace , J.P. Morgan Cazenove (JPMC), which is handling the share placing, said in a statement on Friday.
Philips received the stake of 50.7 million shares when it sold its set-top box business to Pace last April.
Pace, which makes devices for BSkyB , Canal Plus and Comcast Corp , had agreed to waive the lock-up period given by Philips, which was due to expire on April 21, 2009, JPMC said.
The placing was expected to close on or before close of business on Friday, JPMC said.
Shares in Pace hit a seven-year high of 155 pence on April 8 after the company announced very significant upgrades to its 2009 outlook.
The group said it was benefiting from consumers opting for home entertainment rather than going out, and for the increasing popularity of high-definition television and personal video recorders.
(Reporting by Paul Sandle)