Business
Acquisition,Admission,Placing
Acquisition,Admission,Placing.
About this update from Calnex Solutions Plc
[{"type":"text","content":"\n Calyx Group PLC\n17 May 2006\n\n\nFor Immediate Release 17 May 2006\n\n\n Calyx Group plc\n\n ('Calyx' or 'the Company')\n\n\n Acquisition of the Matrix Companies for up to £40.5 million\n\n Placing of 25,000,000 Placing Shares at 70p per share raising £17.5 million\n\n Admission to trading on AIM and IEX\n\n and\n\n Notice of Extraordinary General Meeting\n\n\nCalyx, the largest single-source provider of information and communication\ntechnology ('ICT') network solutions throughout Ireland, today announces that it\nhas agreed to acquire, subject to Shareholder approval, the entire issued share\ncapital of Network Partners Holdings and MXC and their subsidiaries ('the Matrix\nCompanies') from Matrix Communications Group plc ('the Seller').\n\n\nThe total consideration for the Acquisition will be up to £40.5 million (€59.4\nmillion), to be satisfied by an initial cash consideration of £33.5 million\n(€49.2 million) and the issue of Calyx Ordinary Shares to the value of £2\nmillion (€2.9 million) on Completion, and payment of a deferred consideration of\nup to £5 million (€7.3 million) contingent on the achievement of certain\nperformance targets.\n\n\nIn addition the Company has today announced that, along with the joint listing\nof the Company on the Irish Enterprise Exchange ('IEX'), it is raising £17.5\nmillion (€25.7 million) by way of a Placing of 25,000,000 Placing Shares at 70\npence (€1.027) per Ordinary Share. Of this approximately £11.5 million (€16.9\nmillion) is to provide funds for the payment of the cash element of the\nconsideration for the Acquisition.\n\n\nEvolution Securities acted as NOMAD and Broker, and Davy Stockbrokers acted as\nIEX Adviser and Broker.\n\n\nHighlights\n\n\n •Calyx will, subject to the approval of Calyx's and the Seller's\n shareholders, acquire Network Partners Holdings and MXC and their\n subsidiaries from Matrix Communications Group plc for a total consideration\n of up to £40.5 million.\n\n\n •The Matrix Companies are engaged in the consultancy, design, supply,\n implementation and ongoing support of ICT network solutions, across\n different technologies, to the public and private sectors in the UK.\n\n\n •The Matrix Companies' customers include the BBC, BAR (Honda F1),\n Vodafone, Betfair, Party Gaming, and ARM.\n\n\n •The Enlarged Group Board believes ...