(Alliance News) - Mindflair PLC on Monday said it has agreed to sell a minority position in Visibility Blockchain Ltd, or Getvisibility.
Getvisibility is a cybersecurity company. Mindflair, an AI-focused investor, reported a EUR2.1 million "gross cash inflow" from the deal.
In addition, through its exposure to the first Sure Valley Ventures fund, Mindflair stands to receive another EUR900,000.
Mindflair also has a near 24% stake in Sure Ventures PLC, which in turn owns just under 26% of the first Sure Valley Ventures fund.
"In summary therefore, Mindflair expects to receive, in aggregate, approximately GBP2.6 million in cash from the sale of Getvisibility through the disposal and sale of its indirect interest held through its investment in SVV1. It may also receive additional funds from any distribution made by SV PLC," Mindflair said.
Sure Ventures expects to generate a gross cash inflow of GBP1.5 million from Sure Valley Ventures sale of its entire stake in Getvisibility. Sure Ventures is a venture capital fund backing early-stage artificial intelligence, augmented and virtual reality, and internet of things companies.
Smarttech247 Group PLC, also listed in London, sold its entire position, generating EUR1.8 million. Smarttech is a Cork, Ireland-based artificial intelligence-enhanced cybersecurity services provider.
Shares in Mindflair jumped 18% to 0.95 pence each on Monday afternoon in London, while shares in Sure Ventures rose 2.9% to 90.00p each, and shares in Smarttech were 0.7% higher at 8.18p each.
By Tom Budszus, Alliance News slot editor
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