- Braveheart Investment said it and Remote Monitored Systems had signed an agreement with with the founders of Gyrometric Systems to sell their shares in the latter, and return control the the latter's founders.

Under the terms of SPA, the existing shareholders' agreement between the founders of Gyrometric - David Orton, Dr Paul Orton and Dr Janet Poliakoff - Braveheart and RMS would be terminated.

Following the reorganisation, the founders would have a 75.1% stake in Gyrometric.

Braveheart's current 19.5% stake in Gyrometric would reduce to 6.43% following the reorganisation and RMS's stake would reduce to 15%.

'The termination of the shareholders' agreement and the Reorganisation is conditional on the approval of shareholders of RMS at a general meeting of RMS, which it will be convening shortly to be held in early July,' the company said.

'Remote Monitored Systems and Braveheart will write off their existing loans to Gyrometric, of which Braveheart's loan totals £39,200,' it added.

While there are a number of potential opportunities to exploit Gyrometric's world class intellectual property, it would have required a 'significant investment over the next 12 months to take advantage of these opportunities.'

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