SQS Software Quality Systems AG Announces Acquisition And Placing

Friday, 8 Nov 2013 02:00am EST 

SQS Software Quality Systems AG announced that it has conditionally raised approximately GBP11.4 million (before expenses) by way of a placing by Canaccord Genuity Limited and Westhouse Securities Limited, with institutional investors of 2,618,507 new ordinary shares of €1 each, at a price of 435 pence per share. The Placing saw demand from institutional investors and was significantly oversubscribed. The Company intends to use the net proceeds of the Placing to part finance the acquisition of up to 52.9% of the fully diluted share capital of Thinksoft, at a price of INR 260 per Thinksoft share amounting to a total cash consideration of up to €17.5 million. The balance of the consideration will be financed through the Company's existing resources. The Offer Price represents a premium of approximately 68% to the closing share price of a Thinksoft share on 6 November 2013. The Company intends to acquire 24.5% of Thinksoft, on a fully diluted basis, from the founding shareholders pursuant to the terms of an acquisition agreement and a further 28.3%, on a fully diluted basis, through a tender offer to public shareholders of Thinksoft on the BSE and the NSE. 

Company Quote

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30 Oct 2014