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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Thomson Reuters Stock Report

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Redcentric PLC Announces Proposed Acquisition of InTechnology Managed Services Limited and Placing of Shares

Monday, 18 Nov 2013 02:00am EST 

Redcentric PLC announced that it has agreed subject, inter alia, to Shareholder approval at the General Meeting, to acquire the entire issued share capital of InTechnology Managed Services Limited, the wholly owned subsidiary of InTechnology plc, for £65 million payable in cash at Completion. The Consideration will be partly funded by way of a placing of 80,000,000 Placing Shares at a price of 80 pence per Placing Share with certain institutional investors to raise £64 million (before expenses), with the remainder being financed by an increase in the Company's existing banking facilities. In view of the size of the Transaction, the Acquisition is classified as a reverse takeover under the AIM Rules and is therefore conditional, inter alia, on the approval of Shareholders. The Company has received irrevocable commitments to vote in favour of the Resolutions in respect of beneficial holdings totalling 46.3% of the issued share capital of the Company 

Company Quote

0.375 +0.26%
26 Mar 2015