(Sharecast News) - PipeHawk said on Tuesday that a key condition for the proposed sale of Utsi Electronics had been satisfied after the Cabinet Office confirmed it would take no further action under the National Security and Investment Act.
The AIM-traded company said the notification related to its proposed disposal of the entire issued share capital of Utsi Electronics.

PipeHawk said the National Security and Investment Act condition had now been satisfied, but completion of the disposal remained subject to other customary conditions and certain completion deliverables.

The company said there could still be no certainty that the disposal would complete, or over its timing.

The long-stop date for completion is 30 June.

PipeHawk said it would provide a further update to the market in due course.

At 0815 BST, shares in PipeHawk were up 20% at 3p.

Reporting by Josh White for Sharecast.com.

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