Axon sells Optiscan stake

Axon Instruments (ASX:AXN) has sold its majority shareholding in Optiscan Imaging (ASX:OIL) to JF Asset Management, the Hong Kong-based Jardine Fleming institutional investment group, one of the largest fund managers in the Asia Pacific region.

JF Asset Management bought 7.8 million shares, representing 9.7 per cent of the issued shares in the company, while the remainder of the 9.6 million shares held by Axon were sold to institutional investors in Australia.

Optiscan CFO Bruce Andrew said that Axon had been one of the founding shareholders of the company, and had also provided financial support prior to the company listing.

But as a listed company, Axon recently decided to divest itself of its holdings in Optiscan as the investment no longer fit with the strategic direction of the company.

"What we are pleased about is that the shares have found a home in what promises to be a long-term supporter of the company," Andrew said. "The sale of the shares represents the respect and sensitivity that Axon has for us."

In a statement, JF Asset Management said that the group's focus was on "small caps that offered significant upside through penetration of global markets".