Business
Acquisition and Placing
Acquisition and Placing.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n RNS Number : 7490A Corero PLC 07 February 2011 \n \n\n\n7 February 2011\n \n \nCORERO PLC\n \nProposed Acquisition of Top Layer Networks, Inc. and Placing \n \nCorero plc (AIM: CORO, \"Corero\" or the \"Company\"), has entered into a conditional agreement to acquire Top Layer Networks, Inc., a Massachusetts based developer of network security infrastructure solutions, by way of a merger for a maximum consideration of $15.3m to be satisfied by shares, loan notes and cash (the \"Acquisition\"). \n \nIn addition, the Company has conditionally raised up to £2.3 million (before expenses) by way of a placing (the \"Placing\") of up to 6,571,429 new ordinary shares in the capital of the Company (\"Ordinary Shares\") (the \"Placing Shares\") at a price of 35p per Placing Share (the \"Placing Price\").\n \nOn 4 February 2011, Jens Montanana, a non-executive director, was appointed non-executive Chairman following the resignation of Peter Waller as Chairman and a director of the Company.\n \nHighlights\n \n· First step in strategy to build security systems business focused on the network security market \n· Top Layer\n− Focuses on network security infrastructure software solutions - such as Intrusion Prevention Systems (\"IPS\") and Distributed Denial-of- Service (\"DDOS\") protection solutions - to help commercial and government organisations protect critical on-line assets from cyber threats; \n− Brings strong proprietary technology offering and core platform with potential to deliver strong revenue growth through wider international sales focus;\n− 13-year history in delivering high performance network security solutions, with over 1,000 corporate and government customers across numerous sectors with large multinational corporations and public sector customers including Air Liquide, Camelot UK Lotteries, Globix and University of Miami; and\n− Ranked by Gartner as a visionary in the IPS market in recent report.\n· Maximum consideration of $15.3m (approximately £9,495,752) to be satisfied in shares, loan notes and cash\n− Approximately $6.3m by the issue of 9,038,855 new Ordinary Shares (t...