Imagination Technologies Group Plc (IMG.L) Friday said Apple Inc (AAPL) is raising its stake in the company to 9.5% by purchasing 2.20 million new shares at the rate of GBP 1.4275 per share, the the mid market close price on 25 June 2009.
The move that would nearly triple Apples stake in Imagination would cost around GBP 3.14 million, which matches the amount the company paid in last December to buy around 3.6% of the chip maker. Apple is a licensee of Imagination's technology.
Imagination Technologies said that application for the new shares to be admitted to trading on the London Stock Exchange and the Official List of the UKLA is being made and it is expected that listing and admission of those shares will occur on 1 July 2009.
Recently, Intel has also raised its stake in the company to 16.02% by purchasing nearly 5 million shares. This was on top of the 25 million shares it purchased a week before to bring its stake to 13%.
Imagination Technologies creates and licenses market-leading processor cores for graphics, video, multi-threaded embedded processing/DSP and multi-standard communications applications.
IMG.L is currently trading at GBP 142.00, down GBP 0.75 or 0.53%, on the LSE.
AAPL is currently trading at $142.07, up $2.21 or 1.58%, on a volume of 7.14 million shares.
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