SWISS investment fund New Pistoia Income has increased its stake in IndigoVision to more than 10%, cementing its position as the Scottish video surveillance systems specialist's largest investor.
IndigoVision has been run by former finance director Marcus Kneen since December 2011 after a messy split with former chief executive Oliver Vellacott.
The issuing of a profit warning last week led to the continuation of a decline in the share price that started in late June and has seen an 25.6% drop in the company's value.
Chairman Hamish Grossart said of New Pistoia Income: "They are a long term investor. They like what Marcus is doing."
Mr Kneen has met representatives of the low profile institutional investor.
A filing to the stock exchange yesterday revealed that New Pistoia Income had bought 80,000 more shares, at a cost of around £230,000, to take its holding to 782,500 shares.
It first declared a holding in IndigoVision in April and having steadily built up its position, it now owns shares with a paper value of around £2.3 million that account for 10.3% of the company.
New Pistoia Income is the largest investor in IndigoVision, ahead of Liontrust Asset Management.
Midlothian-based IndigoVision issued a profit warning at the end of last week as lower-margin cameras accounted for a greater proportion of its sales.
Mr Vellacott parted company with Indigovision in late 2011 after having three separate management buy-out proposals rejected by IndigoVision's board.
He later mounted then abandoned a bid to oust Mr Grossart as chairman.
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