Touchstar Sells On-Board Retail Business To Operations Chief Jon Hall

(Alliance News) - Touchstar PLC said Monday it has agreed to sell non-core business On-Board to ...

Alliance News 2 December, 2019 | 5:44PM
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(Alliance News) - Touchstar PLC said Monday it has agreed to sell non-core business On-Board to Chief Operating Officer Jon Hall.

The mobile data computing software firm said the business has been sold for GBP100,000 in cash, and 15% of gross revenue of certain contracts between completion and the second anniversary of completion.

Touchstar will also be retaining deferred income received from some on-board contracts amounting to GBP75,000.

As a result of the acquisition, Hall will stand down as a director of the company with immediate effect.

The On-Board business sells and maintains software for the sale of in-flight duty-free, catering and ancillary products. Its value was fully written off in the company's accounts for 2018.

Mark Hardy, chief executive, said: "The legacy of On-Board business has been a challenge for the group so we are delighted to be able to sell it and realise some value."

Touchstar shares closed 6.7% lower in London at 35.00 pence each on Monday.

By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Touchstar PLC 53.50 GBX 0.00 -

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