Flextech sells 23 per cent stake in HIT

Click to follow
The Independent Online
British cable and satellite television company Flextech has agreed to sell its entire 23 per cent stake in AIM-quoted HIT Entertainment.

Flextech said it would realise pounds 7.5m from the sale compared to an initial investment of pounds 625,000 in 1990."HIT is no longer a strategic shareholding for Flextech and we are taking this opportunity to realise a significant return on our original investment," the company said.

Flextech's statement came after HIT said it would raise about pounds 8.1m net through a two-for-seven rights issue at a price of 270p per share. It plans to seek a full listing on the Stock Exchange.

Comments