DEWB (Deutsche Effecten-und Wechsel-Beteiligungsgesellschaft), the German-listed quoted investment company focused on optic-related technologies, has sold the 84% stake in optic to an unnamed institutional investor. optic is a Swiss optical investor which set out with a remit to invest in unlisted optical companies but by the time it was bought by DEWB in December 2002 it had a portfolio of 11 investments, most of which were listed optical companies.
DEWB has seen value in the optic portfolio increase significantly since buying a majority stake. The increase is attributed to uplift in the share price of optical related stocks over the period, cutting management costs, and active management of the portfolio, which remains largely listed.
With the proceeds generated from the sale DEWB intends to invest in seed, start up and expansion companies, all unlisted, in the optical space. While it has not formally announced the increase in revenue from the optic sale, DEWB confirms it has some €17.5m cash currently available to spend on such new investments. This is a combination of proceeds from the optic sale, funds raised from the increase in share capital undertaken in December last year to fund the optic sale and existing cash in the fund.