Tangibal Group PLC Announces Acquisition of Infotech Digital Limited; Issue Of Equity Shares
Tangibal Group PLC announced the acquisition of the entire issued share capital of Infotech Digital Limited (Digital). Digital supplies and maintains interactive digital signage equipment and software solutions to the digital out of home industry in the UK, India and North America. Tangibal is raising GBP3 million by way of a placing of 42,878,000 Shares (representing 25% of the Enlarged Issued Share Capital) to provide working capital including funding the further development of the business in the UK, India and the USA. · The Acquisition is to be funded by the issue of 100,908,868 Shares to the vendor shareholders of Digital (representing 80% of the issued share capital before the Placing and 58.83% after the Placing) and the Acquisition is conditional upon the approval of Shareholders, voting by way of a poll, to a waiver of the obligation under Rule 9 of the Takeover Code, for the vendors of Digital to make an offer for the entire issued share capital of Tangibal.
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