Shares of Braveheart Investment Group plc (OON: BRH) edged 5.12% higher as investors overlooked the firm’s recent exit from Gyrometric.
The investment company recently announced that it would write down most of its investment in Gyrometric, amounting to £200,000 (at the end of September 2020) down to £1.
The recent write-down was instigated by Remote Monitored Systems, which wrote off its £500,000 investment in Gyrometric, reducing its shareholding in the company to 15% from the initial 58%.
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Braveheart’s shareholding in Gyrometric fell to 6.43% from the previous 19.5%. The two firms clarified that they were not ready to make significant investments in Gyrometric to develop its promising technology.
Investors should remember that Remote Monitored Systems was once majority-owned by Braveheart Investments before the company sold most of its shares for a profit and distributed the proceeds to its shareholders via a special dividend.
BRH shares have fallen significantly since late March and are now trading near a support level that could trigger the next rally if it holds over the next few weeks.
However, a positive development from the investment company could be what buyers need to jump in and push prices higher.
Braveheart Investments (BRH) share price.
Braveheart shares edged 5.12% higher to trade at 43.10p, rising from Thursday’s closing price of 41.0p.