Sagentia ahead of expectations after sale of holding in Sphere
At the end of last year, the Board reviewed the carrying value of all of the Group's legacy investments.
By the end of 30 June, Sagentia had just one remaining minority investment to which it attributed any value, and that was in Sphere with a balance sheet carrying value of £800,000.
Sphere successfully completed an initial public offering onto the AIM market last month and subsequent to that listing Sagentia has disposed of its entire holding in Sphere.
This disposal is in accordance with the Board's defined strategy of realising its legacy investment portfolio.
The disposal of the Sphere shareholding realised approximately £703,000 after transaction costs and the cash balance of the Group will increase accordingly. Following this disposal, the Board now anticipates gross cash at the end of the year will exceed £20m.
The disposal of the Sphere shareholding will result in a non-cash charge of approximately £97,000 in the current year. However, due to a modestly stronger than anticipated performance, the Board anticipates that profit for the year will be slightly ahead of current expectations.
At 12:47pm: [LON:SAG] Smart Approach Group share price was +1p at 91.5p
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