Rakon today announces the sale of 199,242 shares it holds in the Australian internet-of-things (IoT) company, Thinxtra Pty Limited. The total consideration received will be AUD 3.0 million, netting to around AUD 2.8 million after costs.
The sale of shares is conditional upon the completion of Thinxtra’s pre-emptive rights process for all shareholders. This process is expected to conclude by the end of November.
The majority of shares have been sold to new Thinxtra shareholders who missed out on the Thinxtra Series-B capital raising, recently completing as over-subscribed. The new shareholders are institutions having a strategic interest in the IoT.
Rakon will realise a profit on its initial investment of AUD $1.8 million before costs, representing a return on initial investment of 257%.