Cobra sells subsidiary business for £3.3m
Cobra Holdings has sold subsidiary business Cobra Corporate Solutions (CCS) to ISO Investments, a company controlled by Cobra shareholder Phil Truman, for £3.3m.
Cobra explained the fee would be split between an initial payment of £1m followed by £2.3m after the purchase of Mr Truman's 5,905,748 shares in Cobra who will then loan the money to ISO to make the payment.
The company also confirmed it will use £313,826 together with interest of £13,419 of the initial £1m payment to redeem loan notes held by Mr Truman with the remainder used to reduce group borrowings. All further proceeds for the sale will be used to buy and cancel Cobra shares.
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