Microgen has taken advantage of the recent positive trading statement to reduce its stake in IT services provider SciSys.
The fully listed IT company has cut its shareholding from 5.87% to 3.35%. Microgen considered bidding for SciSys in April 2008 but did not go ahead with an offer.
The original 12.9% stake held by Microgen was bought at 32p and 36.5p a share and cost a total of £1.2m. The stake was given a value of £1.5m in Microgen’s June 2009 balance sheet. Microgen sold 2m of these shares on 23 July 2009. The mid price was 43.5p a share on that day. The latest disposal of 700,000 shares was on 4 December.
Shares in SciSys fell 0.5p to 46p each, which values the company at £13.5m.
This suggests that Microgen should have made most, or all, of its investment back and still have a 3.35% stake.
SciSys says that its 2009 results will be ahead of market expectations and that 2010 is on course to start positively.
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