Strat Aero has reached an agreement to acquire a further 228,000 ordinary shares in GyroMetric Systems from Braveheart Investment Group, giving it majority ownership.
The international aerospace services company’s transaction increases the company’s shareholding in digital data firm GyroMetric from 36.9% to 57.8%.
The £250k investment in GyroMetric reflects the board’s increased confidence in the prospects for GyroMetric.
There are also potential synergies between GyroMetric and Geocurve as both have similar development needs for AI based data monitoring, processing, management, and storage.
The Strat Aero board also welcomes Braveheart, which will retain a 19.9% interest in GyroMetric, as a significant new 7.2% shareholder in Strat Aero. GyroMetric’s existing controlling shareholder, Braveheart, owned 40.8% of GyroMetric prior to the transaction.
Completion of the transaction is subject to GyroMetric shareholder approval, which the company expects to receive by the end of August, at which stage the company will issue the Consideration Shares and apply for these to be admitted to trading on AIM.
The directors believe that the company retains sufficient cash resources to fund operations beyond the end of this calendar year. This position subsequent to the transaction remains unchanged.
Nigel Burton, Strat Aero director said: “The acquisition of this controlling interest in GyroMetric marks a further step in our previously announced strategy of investing in world leading technological services that are relevant to existing operational business within Strat Aero, i.e. with the potential through data and analysis to revolutionise monitoring and inspection services in high value and mission critical environments.
“Strat Aero, which has been represented on the GyroMetric board since our initial investment in April, looks forward to continuing to work with the GyroMetric management team to support the future development and success of GyroMetric.”
Alan Lamb, chairman of GyroMetric, added: “We are pleased to welcome Strat Aero’s increased shareholding in GyroMetric. Their investment demonstrates a recognition of what GyroMetric has achieved and the exciting prospects for further application of the company’s monitoring, control and safeguarding systems.”