Listed Set Point Technology Holdings has disposed of its European holdings in an effort to reduce its gearing.
Subject to the usual conditions, Set Point Technology will dispose of its 100% stake in Set Point Europe as well as three operations within its industrial technology subsidiary.
Set Point Europe manufactures a wide range of specialised instruments and other proprietary technologies for geotechnical, environmental and georemediation applications in Europe and other key international markets.
Set Point Europe is to be sold to Bacharach UK Holdings for oe2.4 million pounds, oe2.1 million of which has already been received in cash and the remainder will be paid before the year-end.
The B&W, Caser and RBF Technology divisions will be disposed of for a nominal amount in cash and 7.6 million Set Point shares at 11c to Biotrace.
The sales are in line with Set Point's previous announcements that it would dispose of its non-profitable divisions as well as its desire to reduce its gearing.
The company finished its interim period to February with current liabilities of R98.89 million (2000: R86.94 million) and current assets of R122.79 million (R164.9 million). Cash and cash equivalents amounted to R5.73 million (R35.48 million).
The cash flow statement showed a cash outflow of R7.63 million from operating activities, compared with a previous inflow of R11.95 million.
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