IndigoVision shares on move

ANOTHER sizeable shareholding has changed hands in Indigo- Vision, the Edinburgh-based technology company at the centre of a battle for control involving some of Scotland’s biggest business names.

In a statement to the stock market yesterday, the firm said US-based fund manager Archon had disposed of its remaining 315,553 shares – or 4.18 per cent – in the company on Tuesday.

Archon, until recently the company’s second-largest shareholder, last week sold 500,000 shares to a limited company connected to Scottish Equity Partners (SEP).

It is not yet known who its remaining shares have been sold to although it is understood not to be ousted founder Oliver Vellacott, SEP or Indigo’s chairman Hamish Grossart.

Vellacott, whose claim he was dismissed is disputed by the company, owns 22.9 per cent of the business and has requisitioned a general meeting to vote on resolutions to remove Grossart and non-executive director Andrew Fulton from the board. Vellacott is seeking election to the board along with former Bank of Scotland chief executive Sir Peter Burt and ally Waverley Cameron.

Grossart has described Vellacott’s requisitioning of the meeting as the “latest in a series of misguided attempts” to gain control without paying an appropriate premium to shareholders. Shares in the company rose by 6.1 per cent to close at 302.5p.

l In yesterday’s story about SEP buying a stake in IndigoVision we said that indicative offers were at a level which the board has said it “could consider recommending to shareholders”. This should have read at a level which they “could not consider recommending to shareholders”.