Mobile messaging specialist Macromac (LON:MACC) is keeping it in the family with the purchase of a 25% stake in start-up app-maker Skyztree.
Michael Lew, the chief executive of Macromac, will be appointed to the board of Skyztree, where his sister Lew Wai Ching is one of two directors.
The stake was bought through its subsidiary Macromac Venture, which was created a month ago and given a third of the company’s cash to acquire interests in start-up or early-stage businesses.
Doing exactly that, the company spent £120,000, or 21%, of its £550,000 budget on the stake in Skyztree.
Its one app First Smile, aimed at allowing parents to digitally store their baby’s scrapbook, has had positive reviews from a very small sample size and the company aims to launch in the US and UK.
The news was welcomed by Macromac shareholders as it was the biggest gainer by lunch, rising 63% to 30p.
Meanwhile, the FTSE 100 had a mixed morning, resulting in an 11 point loss by lunch to 6,949.
In Europe, concerns of a Greek defection from the Eurozone refuse to go away.
In the latest development, Greek Prime Minister Alexis Tsipras said there would be no way Greece will be able to make its International Monetary Fund (IMF) payment due on 5 June without the help of creditors.
The country warned it has now officially run out of money after tapping into its emergency reserve to make the €750mln payment to the IMF.
The uncertainty has meant a mixed day for European burses, with the French CAC 40 falling 28 points while the German DAX rose 20 points.
Back in the UK, BHP Billiton (LON:BLT) the spin-off of its South32 business raised US$9bn but this was at the lower end of estimates.
Analysts had forecast a market capitalisation of between US$7bn and US$13bn. Shares dropped3.8% to 1,474p.
Meanwhile, it was a good day for fellow miner Fresnillo (LON:FRES) as the company said it is on track to hit 2018 silver production estimates. Shares jumped 3.8% to 780p.
Away from the FTSE 100, Bwin.party (LON:BPTY) confirmed it has received its second takeover approach in four days after 888 Holdings (LON:888) made a bid for the company.
It is the second approach for the World Poker Tour owner after GVC (LON:GVC) showed its hand late last week. Shares in 888 Holdings fell 3% to 164p while Bwin gained 10% to 109p.
Meanwhile, satellite group Inmarsat (LON:ISAT) warned on profits as it faced more delays on a flagship satellite programme after the burn-up of a rocket designed to take the technology into space. Shares eased 2.8% to 967p.
In small caps, Sirius Minerals (LON:SXX) unveiled further positive findings from its on-going global crop study into the use of its polyhalite product. Shares jumped 11% to 18.9p.
Conversely, TomCo Energy (LON:TOM) was dealt a blow when Questerre Energy Corporation announced it has delayed the commercialisation of EcoShale technology, that Tomco had hoped to use, by two years. Shares dropped 32% to 0.14p.