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Provider: Thomson Reuters Stock Report

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Serviced Office Group Plc Proposes Acquisition; Announces GBP12.0 Million Placing

Wednesday, 10 Jul 2013 02:00am EDT 

Serviced Office Group Plc announced that it has entered into an agreement to conditionally acquire the entire issued share capital of Avanta for an aggregate sum of GBP15.0 million to be satisfied by GBP12.5 million in cash (subject to adjustment as provided in the Acquisition Agreement) and the issue of the Deferred Consideration Shares in due course subject to the terms and conditions of the Acquisition Agreement. Under the terms of the acquisition agreement, the deferred consideration shares are expected to be issued and allotted no later than May 2015 subject to certain conditions in the acquisition agreement. The acquisition is conditional on, inter alia, the approval by Shareholders of certain Resolutions which relate to the placing. The Company also announced that it has raised GBP12.0 million (before expenses) by way of a significantly oversubscribed conditional placing arranged by Shore Capital with institutional and other investors. The Directors intend that the net proceeds of the Placing will be used to fund a portion of the cash consideration payable under the acquisition agreement and as additional working capital. The Company will use existing cash resources to fund the remainder of the cash consideration. 

Company Quote

3.0 +2.34%
15 Apr 2014