Business
Acquisition and Trading Update
Acquisition and Trading Update.
About this update from Cohort Plc
[{"type":"text","content":"\n \nRNS Number : 5263X Cohort PLC 27 November 2017 \n\n27 November 2017\n \nCohort plc\n(\"Cohort\" or \"the Group\")\nCohort completes second stage of EID acquisition and trading update\nFurther to its announcement on 28 June 2016, Cohort, the independent technology group, is pleased to announce that it has acquired a further 23.09% of the share capital of Empresa de Investigação e Desenvolvimento de Electrónica, S.A., (\"EID\"), for a cash consideration of €3,974,000. This brings the Group's holding to 80% at a total cost of €15,185,000, with the Portuguese government holding the remaining 20%. As previously, announced, we have agreed that the Portuguese government should have certain rights in order to protect its shareholding and the interests of the Portuguese state, including the right to appoint a director to the Board of EID.\n \nEID is a Portugal based supplier of advanced electronics, communications and command and control products and systems for the global defence market. The acquisition is from existing shareholders Empordef - Empresa Portuguesa de Defesa (S.G.P.S.), S.A. and IAPMEI - Agência para a Competitividade e Inovação, I.P. The terms are the same as those set out in the original acquisition announcement of 5 August 2015. The consideration is to be funded from existing cash resources and debt facilities.\n \nThe Group remains on course to meet the Board's expectations for the year ending 30 April 2018. Further information will be provided with the Interim Statement for the six months ended 31 October 2017 which will be published on 13 December.\n \nAndrew Thomis, Chief Executive of Cohort, said:\n\"We are pleased to have completed the second stage of the EID acquisition. Since joining Cohort in 2016, it has been performing well and the team has demonstrated the quality of its specialist skills. With a good pipeline and exciting growth opportunities in the remainder of our financial year, we look forward to benefiting further from the strong customer relationships, high quality products and excellent people that EID brings to the Group.\"\n \n ...