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Norman Broadbent Plc Announces Oversubscribed Placing And Acquisition


Tuesday, 13 Nov 2012 02:00am EST 

Norman Broadbent Plc announced that it has raised GBP742,560 (the "Subscription") through the issue of 2,120,600 new ordinary shares in the capital of the Company at a price of 35 pence per share (the "Subscription Shares") to existing institutional investors, a Director of the Company and another investor. The Subscription, which was oversubscribed, is conditional upon admission of the Subscription Shares to trading on AIM ("Admission"). The net proceeds of the Subscription, amounting to approximately GBP730,000, will be invested into three new complimentary business development ventures (detailed below), which will enlarge and diversify the Company's product offerings in line with the stated strategy of building a group of complimentary, separately branded human capital businesses. The Company has also issued 319,285 new ordinary shares as part of the consideration for the acquisition of 51 per cent. of the issued share capital of one of the new business development ventures ("Acquisition Shares"). The Company also announced the acquisition of 51% of the issued share capital of Acker Deboeck & Company SPRL ("Acker Deboeck") for a cash consideration of EUR169,000 and the issue of the Acquisition Shares; total consideration of GBP250,000. Acker Deboeck is an established, profitable, board level leadership consulting and executive search business. Headquartered in Brussels, Acker Deboeck has strong European client relationships, particularly in France. 

Company Quote

27.5
-1.0 -3.51%
28 Jul 2014