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Bids, Mergers and Takeovers

Gresham to acquire C24 Technologies

04 October 2016 07:29

Gresham Computing has entered into a conditional share purchase agreement with the C24 shareholders to acquire the entire issued share capital of C24 Technologies Ltd for a total consideration of up to £4.55 million.

This comprises an initial cash consideration of £3.41 million and deferred cash consideration of up to £1.14 million. The majority of the initial consideration is proposed to be funded by the net proceeds of a placing, with the balance being funded from existing cash resources.

The deferred consideration will be paid in part at the first anniversary of completion (up to £0.76m) and in part following the date falling 18 months from completion (up to a further £0.38m) contingent upon certain transition related objectives and forecast customer contract renewals being achieved.

Gresham says the acquisition has a compelling strategic and financial rationale and will accelerate the company's ambition to be the global category leader in enterprise data integrity solutions within financial markets.

Gresham proposes to raise approximately £3.32 million through a placing of new ordinary shares.

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