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Seed Innovations Ltd - AIM-listed investor in the medical cannabis, health, and wellness space - Confirms completion of the sale of portfolio company Fralis LLC, which trades as Leap Gaming. Expects the second tranche of sale proceeds of €2.8 million to be received in April next year. Intends to use the proceeds received for making further investments.
In December, Seed agreed to sell Leap to an existing unit holder IMG Arena US LLC, based on an enterprise value of €14 million. Following the transaction, Leap will be wholly owned by IMG. Leap provides virtual games for online, mobile and retail markets.
Current stock price: 2.00 pence each, down 2.4% on Tuesday morning in London
12-month change: down 60%
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