LONDON: The Board of Built Cybernetics (AIM:BUC), the smart buildings group, confirms that it has disposed of its subsidiary Anders + Kern U.K. Limited (A+K) to Barrie Meehan, A+K’s Managing Director, for a nominal sum.
As set out in the Company’s announcement of 1 October the effect of the transaction is to dispose of an entity that has been significantly loss making.
Barrie Meehan is a statutory director of A+K and based on A+K’s turnover and operating loss in the year ended 30 September 2024 the disposal is a related party transaction requiring consultation with the Company’s nominated adviser. Accordingly, the Directors consider, having consulted with Canaccord Genuity Limited, that the terms of the transaction are fair and reasonable in so far as the shareholders are concerned.
In the year ended 30 September 2024 A+K recorded a total comprehensive loss of £342,000 and concluded that year with a net liability position of £45,000. The business made further losses in the year ended 30 September 2025.