|Master Investor Magazine
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The share price of AIM-listed Elektron Technologies (LON:EKT) climbed by 13.98% to 55.85p (as of 13:15 BST) after it entered a conditional agreement for the sale of its Elektron Technologies UK subsidiary, which is the holding company for its Bulgin business. The total cash consideration has been set at £105 million and net proceeds of the deal are expected to be around £94 million.
Executive chairman Keith Daley commented: “We have been working on a sale of Bulgin for many months and are delighted to have reached agreement on this deal which will realise significant value for Shareholders.
“Subject to shareholder approval, once we have completed the transaction the remaining group and team shall be able to focus all of our energies on Checkit. The vision is to create a global leader in real-time operations management software. The early signs of the Checkit/Next combination are encouraging and we view the future with enthusiasm and confidence“.