Business
Acquisition
Acquisition.
About this update from Celebrus Technologies Plc
[{"type":"text","content":"\n RNS Number : 6594Z IS Solutions PLC 23 July 2008 \n \n\n\nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Wednesday, 23 July 2008\n\n\n\nIS Solutions plc\n('IS' or the 'Company)\n\nAcquisition of Chapter26 Ltd\n\n\n\nIS Solutions plc, the AIM-listed provider of a range of internet design, website development and systems support services to both the public and private sector, announces that on 22 July 2008 it entered into an agreement to acquire the entire issued share capital of Surrey-based Chapter26 Ltd ('Chapter26') for an initial consideration of £719,723 consisting of £447,000 cash and the allotment of 1,239,650 new ordinary shares of 2p each (the 'New ordinary Shares') at a price of 22p per share.\n\nDeferred consideration of up to £550,000 may also be payable by the Company subject to achievement of certain financial targets in the period ending 30 June 2009. If paid, this deferred consideration will be paid in equal parts of cash and the allotment of shares in the Company (either by the issue of new ordinary shares or the transfer of existing ordinary shares out of treasury), at a price per share equal to the average mid-market price over the five trading days prior to the end of the relevant period.\n\nChapter26 is a specialist solutions provider that designs and builds enterprise wide Content Management Solutions ('CMS') that enables people both in and between organisations to collaboratively create, manage, deliver and archive the structured and unstructured information that drives business, from email to video. This is achieved by utilising leading technologies from companies such as EMC Documentum, BEA, Microsoft and VMware with which it has formed strong partnerships.\n\nIn the past 12 months Chapter26 generated £112,000 of pre-tax profits on a turnover of £1.93 million (unaudited).\n\nThe New Ordinary Shares, which represent approximately 5% of the issued share capital of the Company, will rank pari passu in all respects with the existin...