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Staffline Group PLC announces acquisition of Avanta Enterprise Limited and placing shares

Thursday, 15 May 2014 02:01am EDT 

Staffline Group PLC:Conditionally agreed to acquire Avanta Enterprise Ltd for 65.45 mln Pound.Also announces an associated conditional placing of 2,000,000 new ordinary shares at 8 Pound per placing share to raise 16 mln Pound.After accounting for 18 mln Pound of cash in Avanta representing retained earnings and repayment by two sellers of 2.45 mln Pound debt due to a non-trading associated co of Avanta, Broomco (4198) Ltd, which will also be acquired as part of Acquisition (Sellers' Debt).Net consideration paid equates to 45 mln Pound, comprising an initial consideration of 25 mln Pound payable in cash on completion, with remaining 20 mln Pound payable in form of non-contingent deferred consideration.Placing Shares will, when issued, represent about 7.8 per cent.Expected to have 27,687,551 ordinary shares issued and fully paid. 

Company Quote

-4.0 -0.26%
9:40am EDT