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(Sharecast News) - Pulsar Group announced the sale of most of its 21% stake in TrackRecord Holdings, the parent company of compliance management firm Trailight, for £1.4m in cash on Monday.
The AIM-traded firm said that following the transaction, Pulsar retained a 1% shareholding in TrackRecord.
It said the disposal was expected to yield a profit of £1.2 million, reflecting a significant uplift on the stake's carrying value of about £0.16m as of 31 May.
For the year ended 30 November, the minority interest generated a loss of £0.2m on Pulsar's income statement.
"We are delighted to crystallise the value of our minority shareholding in Trailight with the proceeds of the transaction being used in the group's strategy of capitalising on the market opportunity and enhancing the profitability and cash generation of the company," said non-executive chairman Christopher Satterthwaite.
At 1001 GMT, shares in Pulsar Group were down 3.39% at 57p.
Reporting by Josh White for Sharecast.com.
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