26 September 2019 – disposal

The water saving and filtration technology group has announced that it has spun out its Qualus tanning business to its management team in exchange for an exclusive worldwide licensing and royalty agreement.  This move had been signalled some time ago as it is part of the group’s plan to move to a pure-play licensing and royalty business.  With the company looking to raise additional equity at some point potential investors may be better waiting for the details of this to be announced.  The shares are therefore a HOLD.