Strat Aero ups stake in GyroMetric, takes control

Strat Aero has agreed to up its stake in GyroMetric Systems by purchasing a further 228,000 shares in the company from from Braveheart Investment Group for £273,600.

The consideration will satisfied by the issue of 23,791,304 new shares in Strat Aero at 1.15p per each and the purchase will increase the company’s shareholding in GyroMetric to 57.8% from 36.9%.

Strat Aero said the investment, which will see it take control of GyroMetric, reflects the board’s increased confidence in its prospects.

Braveheart will retain a 19.9% interest in GyroMetric, and become a significant new 7.2% shareholder in Strat Aero. GyroMetric's existing controlling shareholder, Braveheart, owned 40.8% of GyroMetric prior to the deal.

Completion of the transaction is subject to GyroMetric shareholder approval, which the company expects to receive by the end of August.

Strat Aero director Nigel Burton 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."

GyroMetric develops and manufactures digital monitoring and safeguarding equipment for rotating shafts, with proprietary intellectual property including algorithms, software and relevant patent protection.

At 1015 BST, the shares were down 1% to 9p.