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Windar Photonics director involved in share-swap deal

Published: 11:05 15 Mar 2016 EDT

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Windar yesterday announced new contract wins.

Windar Photonics (LON:WPHO) has told investors that Jørgen Korsgaard Jensen, one of its directors that owns 18.1% of the company, has done a deal which could see his stake reduce.

Jensen’s company Pasinika has entered into an option deal with a 40% shareholder in Hong Kong incorporated O-Net WaveTouch Limited.

It could see Jensen exchange some of his Windar shares for shares in O-Net WaveTouch.

Such a transaction could take place between October 1 2016 and June 30 2018.

Should the maximum number of shares be exchanged Jensen’s stake would be reduced to 12.9% and the counterparty to the deal would become a 5.2% stake in Windar.

Details of the potential transaction comes after Windar yesterday announced it had received orders for 11 of its WindEYE sensors from two large North American wind farm owners and operators.

The firm's laser guided LIDAR units sit on the top of wind turbines and lines them up properly. The technology also analyses the wind ahead of a turbine so it can be optimised to conditions.

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