viewBraveheart Investment Group

Braveheart to sell its stake in Pharm 2 Farm to Remote Monitored Systems

The investment company is to sell its stake to Remote Monitored Systems for 310.4mln shares in the latter.

Braveheart Investment Group -

Braveheart Investment Group PLC (LON:BRH) has conditionally agreed to sell its 51.72% holding in Pharm 2 Farm Limited.

The investment company is to sell its stake to Remote Monitored Systems PLC (LON:RMS) for 310.4mln shares in the latter.

When taken together with Braveheart's current holding, the sale – if it goes through – will take Braveheart’s stake to 37.1% of Remote Monitored Systems (RMS). The directors of Braveheart intend to retain the RMS consideration shares for the foreseeable future.

The sale is conditional on, among other things, the Takeover Panel waiving Braveheart’s obligation to make a full offer for RMS once its stake goes past 30%.

READ Braveheart advances as it buys one-third stake in minerals group Pharm2Farm

At the closing mid-market price of RMS’s shares on 20 August 2020 of 0.38p per share, the consideration shares have a value of about £1.18mln, which compares to a book value of £356,000 at March 31, 2020.

The directors of Braveheart believe that by combining the two shareholdings of Pharm 2 Farm in RMS, and thereafter retaining a significant interest in RMS, the business prospects for P2F can be more rapidly exploited and resourced thus enabling Braveheart to continue having an economic interest in P2F without the continuing requirement to fund P2F.  

Quick facts: Braveheart Investment Group

Price: 34 GBX

Market: AIM
Market Cap: £11.8 m

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