Pulsar Group, a listed SaaS provider to the global marketing and communications industries, has sold the majority of its 21% shareholding in TrackRecord Holdings Ltd, the holding company of York-based compliance management company Trailight.
The sale was for a cash consideration of £1.4m and leaves Pulsar with around a 1% shareholding in TrackRecord Holdings.
For the year ended November 30, 2023, Pulsar recorded a loss of around £198,000 on its income statement associated with its interest in the firm.
The carrying value of the shareholding on the interim accounts balance sheet of Pulsar as of May 31, 2024, was around £160,000. Pulsar expects to recognise a profit on disposal of about £1.2m.
Christopher Satterthwaite, non-executive chairman, said: “We are happy to crystalise the value of our minority shareholding in Trailight with the proceeds of the transaction being used in the group’s strategy of capitalising on the market opportunity and enhancing the profitability and cash generation of the company.”
