3PL sells Learnosity
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We've been waiting for 3P Learning to sell its 40% stake in Learnosity, and they've finally done so for $25m net of transaction costs (but subject to completion adjustments).
The sale will disappoint investors who purchased 3P Learning shares in the initial offering, as they've just seen $25m vanish into thin air. Thanks for that go to previous management.
But for Intelligent Investor members who have followed our recommendation – purchasing 3P Learning shares after the Learnosity misinvestment had been factored into the price – it's a lot more encouraging.
Not only will 3P Learning's balance sheet be strengthened to a net cash position, but management's time has been freed from distraction. Yesterday's losses could also transform into future tax savings.
3P Learning will continue to use Learnosity's technology in its own products on extended and improved terms.
The sale falls bang in line with our expectations, so our price guide remains unchanged. HOLD
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