25 May 2012

Scotty in Austrian offer

04/03/2011 Ben Jaglom

Audio, video and data communications concern Scotty Group (SCO) has announced that it has received an offer worth €4.2 million for its Austrian and American subsidiaries.

The AIM-quoted company is selling the assets to Austrian private equity firm Invest Equity with Scotty keen to emphasise that it is 'not in discussions with any party regarding the acquisition of shares in Scotty.'

Following the deal €2 million would be used to pay down balances owing to Scotty Group Austria by Scotty Group, leaving the company with €2.2 million in cash.

Following the sale, Scotty will have disposed of all of its trading businesses, which would then see it become an AIM shell under AIM rule 15 with Scotty then required to determine an appropriate investing policy to shareholders for their approval.

Having traded in 2008 at their peak above the 100p mark, the shares have had a torrid few years, with the shares currently trading just above the 52 week low of 7.06p at their current price of 7.65p.

Tags: AIM Shell, Audio, video and data, Austria, Euros, Offer, Scotty Group, Shell

Sector: Technology Hardware & Equipment

Companies: Scotty Group

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