LONDON Apple Inc., the developer of digital consumer goods that range from computers to mobile phones, has increased its stake in Imagination Technologies Group plc (Kings Langley, England) to 9.5 percent.
Apple, a licensee of Imagination graphics cores and a user of them in its iPhone, has acquired its position by subscribing to 2.2 million newly-issued shares in Imagination at £1.4275 per share and open market purchases. Those open market purchases are said to total 11.52 million shares although the price paid is not known.
The move comes shortly after Intel, another Imagination licensee took a 14 percent stake in the company (see June 18 story).
Application for the new shares to be admitted to trading on the London Stock Exchange is being made and it is expected that listing and admission of those shares will occur on July 1 2009. Imagination's stock price was down 1.5 percent at 140.5 pence at 10:30am on Jun 26.
The main seller of Imagination stock on Wednesday (June 24) was an "under-pressure" Saudi investor called Saad Group, according to a Reuters report.
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