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Emis Group Plc Announces Acquisition Of Ascribe Group Limited And Vendor Placing To Raise Approximately GBP27 Million


Friday, 13 Sep 2013 02:00am EDT 

Emis Group Plc announced that it has conditionally agreed to acquire Ascribe Group Limited (Ascribe), a software and IT services provider to the UK's secondary healthcare market (the Acquisition) from ECI Partners and certain other Vendors for an initial enterprise value of GBP57.5 million (the Enterprise Value). As part of this transaction, EMIS Group also announced that Numis Securities Limited (Numis) has placed 4,400,000 new ordinary shares of GBP0.01 each in the capital of EMIS Group (the Placing Shares) at a price of GBP6.15 per new ordinary share (the Placing Price), raising GBP27.1 million (approximately GBP26.3 million net of fees and expenses) (the Vendor Placing) to fund part of the consideration due under the Acquisition. Further cash payments of up to GBP3.0 million may become payable in September 2014 contingent upon Ascribe achieving certain key operational and financial milestones in the 12 month period post acquisition. 

Company Quote

755.5
-15.5 -2.01%
12 Sep 2014