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1Spatial PLC Announces Placing, Acquisition Of Star-Apic

Friday, 24 May 2013 02:02am EDT 

1Spatial PLC announced that it has conditionally raised GBP18 million (before expenses) through the Placing of 300,000,000 new Ordinary Shares at the Placing Price of GBP0.06 per share with certain institutional investors, in accordance with the terms set out in the Circular to be published by the Company and posted to shareholders. The net proceeds of the Placing will be used to finance the aggregate consideration for the Acquisition of Star-Apic, provide additional working capital for the Enlarged Group, open a sales and support centre in the Middle East and provide funds for product development, marketing and further potential acquisition opportunities. Dealings in the Placing Shares will commence on AIM on June 13, 2013. The Company also announced that it has entered into an Acquisition Agreement for the acquisition of 75.14% of the issued share capital of Star-Apic. Under the Acquisition Agreement, the Company has conditionally agreed to pay EUR5,009,337 which has been calculated on the assumption that the Company has revenues of approximately EUR8 million (of which EUR5.4 million relate to recurring support and maintenance revenues) and a net asset position (which includes net cash) of approximately EUR1.4 million. In addition the Company is paying EUR120,000 for the assignment to it of the Selling Shareholder Loan. Accordingly the aggregate consideration for the Acquisition is EUR5,129,337. 

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19 Dec 2014