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Trakm8 Holdings PLC Announces Acquisition Of BOX Telematics Ltd

Tuesday, 8 Oct 2013 02:00am EDT 

Trakm8 Holdings PLC announced the proposed acquisition of one of the UK providers of fleet management systems, BOX Telematics Limited (BOX) (the Acquisition), for an initial cash consideration of GBP3.5 million. Following Admission, the Company will also procure the repayment by BOX of a director's loan of GBP750,000. The Acquisition is in line with Trakm8's strategy of augmenting its organic growth with selective acquisitions, and will expand Trakm8's telematics offering by consolidating its existing technical and software with the manufacturing capabilities of BOX. The Acquisition will be funded from the Company's cash reserves, a newly signed debt facility of GBP2.5 million and subscription by the directors for new ordinary shares (Ordinary Shares) at a price of GBP0.22 per Ordinary Share (the Issue Price) to raise GBP720,000. To provide additional working capital the Company has undertaken a placing and subscription for new Ordinary Shares at the Issue Price to raise GBP1.35 million. FinnCap Limited is acting as Nominated Adviser and sole broker to the Company. 

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