Promethean sells minority investment in FlatFrog Laboratories A.B.
Promethean World, a world leader in the global market for interactive learning technology, today announces the sale of its minority investment in FlatFrog Laboratories A.B.
On 17 December 2012 Promethean sold its entire holding of 12,336,000 ordinary shares (each with a nominal value of 0.25 SEK) representing a 3.8% holding in FlatFrog to a number of existing shareholders in FlatFrog for an aggregate cash consideration of SEK 1.471624 per share (total consideration of SEK 18,153,953 or c. £1.7m). The proceeds from this transaction will be re-invested in Promethean's core business.
FlatFrog Laboratories A.B. is based in Lund, Sweden, in the technologically expansive Öresund region, and is privately owned with investment backing. FlatFrog develops advanced electronic multi-touch technology and hardware based on its patented optical in-glass PSD technology. FlatFrog reported a loss for the year to 31 December 2011 of SEK 34 million.
The current carrying value of the investment in FlatFrog in Promethean's balance sheet is nil. Due to Promethean holding a small minority of FlatFrog ordinary shares, the results of FlatFrog are not consolidated.
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