Business
Acquisition & Trading Update
Acquisition & Trading Update.
About this update from Calnex Solutions Plc
[{"type":"text","content":"\n Calyx Group PLC\n12 December 2006\n\n\nFor immediate release 12 December 2006\n\n\n Calyx Group PLC\n ('Calyx' or the 'Group')\n\n\n Acquisition of Mentec, Trading update,\n\n Revision of terms of Matrix Companies deferred consideration and\n\n Board change\n\n\n- Acquisition of Mentec, a leading ICT advanced infrastructure provider in the\n UK and Irish corporate markets, for a total consideration of €16m\n\n- Trading update\n\n- Early settlement agreement re deferred consideration for Matrix acquisition\n\n- Ian Smith resigns as a Director\n\n\nAcquistion of Mentec\n\n\nCalyx Group plc, one of the largest single source providers of Networked IT\nServices in both the United Kingdom and Ireland, is pleased to announce that the\nGroup has acquired Mentec International Limited (a UK company), Mentec\nInternational Limited (an Irish company) and Transfare Solutions Limited (a UK\ncompany), (together 'Mentec'), for a total consideration of €16 million.\n\n\nBased in Dublin and Leicestershire, Mentec is an innovative provider of IT\nproducts and services. Mentec supplies technical and managed services and\napplications to a blue chip client base primarily in the public, manufacturing,\ndistribution and professional services sectors throughout Ireland and the UK.\n\n\nAn initial cash consideration of €9.75 million and Calyx shares with a value of\n€2.25 million was paid on completion of the acquisition. Further cash\nconsideration of €3 million will be paid, and shares to the value of €1 million\nwill be issued, in June 2007. The cash consideration is being financed by\nincreasing an existing term loan facility by €12 million.\n\n\nThe Mentec business has similar target markets as Calyx and their product and\nservice offering compliments the Group's existing business. Mentec's UK clients\ninclude Plan International, Baxter Storey and Group 4 Technology; whilst in\nIreland they include The SWS Group, The Automobile Association and Dublin City\nUniversity.\n\n\nMentec provides a comprehensive range of solutions for UK and Irish\norganisations that require an integrated and flexible business infrastructure.\nThese solutions cover areas such as collaborative enterprise information,\ndocument management and workflow automation, ecommerce and application\nintegration. These provide organisations with the scalability, reliab...