Pace to move following Philips deal

SET top box maker Pace Micro Technology is to move from the household goods sector of the London Stock Exchange to the technology sector.

The move by the FTSE committee takes place at the end of March and follows the Saltaire-based group's announcement it is to takeover electronics giant Philips' set top box business for £68m.

Pace will be moved from within the “Household Goods” sector to the Telecommunications Equipment subsector of the Technology Hardware & Equipment sector.

Pace, which celebrated its 25th anniversary last year, has had its shares suspended since announcing the deal with Philips as it is seen as a reverse takeover. The shares are due to start trading again in early March.

Neil Gaydon, chief executive of Pace said: The Committee's decision reflects our position as a highly specialised technology innovator, providing digital TV technologies and solutions to the worlds leading payTV operators.”