Last checked at 16 Sep 2016 11:18
16 September 2016
Braveheart Investment Group plc
('Braveheart', the 'Company' or the 'Group')
Completion of disposal of interest in Investee Company
Further to the Company's announcements on 29 July 2016 and 2 August 2016, the board of Braveheart is pleased to announce that it has completed the sale of the 1.25 per cent. interest and the 3.75 per cent. interest held by Strathclyde Innovation Fund, in which the Group has an 89.3 per cent. interest, in mLED Limited ("mLED") to a large US based technology company.
The total net consideration paid to the Group is £367,000 and has been satisfied entirely in cash, £66,000 of which will be held in escrow, subject to certain warranties.
mLED provides ultra-high brightness microLED array technology for the fast growing markets of Near-To-Eye, Head-Up-Display, Wearables, Printing and Lithography. The company is a spin-out from the University of Strathclyde. At 31 March 2016, the net book value of the interest held by the Group was £96,000. Accordingly, the estimated total net consideration receivable will result in a profit to the Group of £271,000.
The proceeds of the sale of the mLED shares has increased the Group's cash reserves and will be used for investing in suitable opportunities in accordance with the Group's investment strategy and for working capital generally.
Further information:
Braveheart Investment Group plc
Trevor Brown, CEO Tel: +44 1738 587555
Allenby Capital Limited (Nominated Adviser and Broker to Braveheart)
David Worlidge / James Thomas Tel: +44 20 3328 5656