Remote Monitored agrees to return control of Gyrometric Systems

Remote Monitored Systems announced on Wednesday that, alongside Braveheart Investment Group, it has agreed to return control of Gyrometric Systems to its founders David Orton, Dr Paul Orton and Dr Janet Poliakoff by transferring their shares to the founders for nominal consideration.

The AIM-traded firm said Gyrometric had some “world-class” technology, adding that a number of potential opportunities existed to exploit that intellectual property.

However, it would have required “significant” investment over the next year to take advantage of those opportunities.

As a result, the boards of Remote Monitored and Braveheart had “reluctantly concluded” that the best approach was to return Gyrometric to its founders.

“Under the terms of the transfer, the existing shareholders' agreement will be terminated; all loans will be written off - including those from RMS and Braveheart - and RMS and Braveheart will each retain a small shareholding in Gyrometric at 15% and 6.43% respectively, reduced from 58% and 19.5%,” the board said in its statement.

“Following the transfer, the founders will together hold 75.1% and Anthony Ferguson, a non-executive director of Gyrometric, will retain 3.47%.

“The current value of RMS's investment in Gyrometric, including the loans, is around £0.5m, which will now be written off.”

RMS said it had also cleared the current liabilities of Gyrometric, which were estimated at around £33,000, to allow the founders to take the company forward.

Gyrometric had revenues of about £83,000 and a loss of £0.11m in the year ended 31 December.

At the close on Wednesday, stocks in Remote Monitored Systems were down 20% at 1p.