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Seeing Machines Ltd - Canberra-based market of vehicle operator monitoring systems - Mitsubishi Electric Mobility Corp buys Seeing Machines shares from Lombard Odier Asset Management (Europe) Ltd as part of the Japanese company’s strategic investment in its new collaboration partner. Last week, Mitsubishi Electric Mobility, a wholly-owned subsidiary of Mitsubishi Electric Corp, subscribed for new Seeing Machine shares to take a 15% stake. At the time, Seeing Machines said Mitsubishi also had agreed to buy existing shares from Lombard Odier and VS International Venture, the largest and second largest shareholders in the company, to increase its holding to 19.9%. On Tuesday, Seeing Machines says Mitsubishi on Tuesday last week bought 159.7 million shares at 4.09p each, the same price as the subscription, from Lombard Odier. Mitsubishi now has a 19.9% stake and Lombard Odier’s has been reduced to 9.87% as of Friday from 15.0% before. ‘We are grateful to Lombard Odier for their support in effecting this milestone transaction’ with Mitsubishi, says Seeing Machines Chief Executive Officer Paul McGlone. Michael Brown, who represents Lombard Odier on the board, will remain a non-executive director. Current stock price: 4.50p, down 4.3% in London on Tuesday 12-month change: down 19% Copyright 2024 Alliance News Ltd. All Rights Reserved.
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