I don't think there were too many flags that this was on the table. Looks like a they had no choice but to sell at the price offered.
Proteomics will book a paper loss of $249,499 on this transaction. Proteomics shares issued as consideration are still escrowed until 4th of March next year. Not sure what the new owners will want to do with them but maybe could be a seller to help fund their purchase of CPR and retire debt.
Is it good or bad? Neither really, as they say cash is King so a healthy bank balance is good. However, I think Proteomics might have been reluctant sellers whos hand was forced by the drag along provisions of their contract. Someone else has recognised the value of the CPR business that the guys at Proteomics had already seen.
Might be a sign that this sector of the market is now starting to get some attention.
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