REG - Braveheart Inv Group - Portfolio update - Proposed sale of Phasefocus

Braveheart InvestmentAnnouncement

22/12/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20231222:nRSV6969Xa&default-theme=true

RNS Number : 6969X  Braveheart Investment Group plc  22 December 2023

The information contained within this announcement is deemed by the Company to
constitute inside information pursuant to Article 7 of EU Regulation 596/2014
as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.

 

22 December 2023

 

Braveheart Investment Group Plc

("Braveheart", the "Company" or the "Group")

 

Proposed sale of Phasefocus

 

Braveheart Investment Group (AIM: BRH), is pleased to announce the conditional
sale of Phasefocus Holdings Limited ("Phasefocus") to Bruker UK Limited
("Bruker"), a global analytical instrumentation company, for a consideration
of £5 million (the "Sale").

 

The shareholders of Phasefocus ("Phasefocus Shareholders"), including
Braveheart, have on 21 December 2023, entered into a conditional sale and
purchase agreement (the "Agreement") with Bruker, pursuant to which Bruker
will acquire 100% of the share capital of Phasefocus. Completion of the Sale
is subject to customary closing conditions being satisfied and the granting of
probate relating to a deceased Phasefocus Shareholder and is therefore
expected to take place in Q1 2024.

 

The total consideration for the Sale will be payable in cash, subject to
customary adjustments for working capital, cash, debt and transaction costs
and represents a Sale price of £17.74 per Phasefocus share. Braveheart holds
48.3% of the issued share capital of Phasefocus and the Board of Braveheart
estimates that the total proceeds receivable by the Company for the Sale will
be approximately £2.1 million (after expenses).

 

Phasefocus' imaging and analysis system, Livecyte®, uses a novel patented
method for high fidelity quantitative imaging and microscopy. In the year
ended 31 December 2022, Phasefocus incurred a loss before taxation of
£990,854. This loss was incurred due to the write down of a loan with its
100% owned trading subsidiary, Phase Focus Limited. The trading loss after tax
of Phase Focus Limited was limited to £361,634 in the year ending 31 December
2022.

The book value of Braveheart's investment in Phasefocus as at 31 March 2023
was £2.5 million. On 21 August 2023, Braveheart announced it had purchased an
additional 18,750 new ordinary shares in Phasefocus at a price of £8 per
share for a total consideration of £150,000.

 

Following completion of the Sale, the Braveheart Board will consider whether
the proceeds should be applied towards furthering the Company's strategy of
investing in and growing technology-based companies in line with the investing
strategy or whether to distribute the proceeds to shareholders via a special
dividend. A further update will be provided on this in due course.

 

A further announcement will be made on completion of the Sale.

 

For further information:

 

 Braveheart Investment Group plc                                Tel: 01738 587555
 Trevor Brown, Chief Executive Officer

 Viv Hallam, Executive Director
 Allenby Capital Limited (Nominated Adviser and Joint Broker)   Tel: 020 3328 5656
 James Reeve / George Payne

 Peterhouse Capital Limited (Joint Broker)                      Tel: 020 7469 0936
 Duncan Vasey / Lucy Williams

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  PFUZZMZZMMRGFZZ