Business
Acquisition and Placing to raise ?2 million
Acquisition and Placing to raise ?2 million.
About this update from Gunsynd Plc
[{"type":"text","content":"\n \nRNS Number : 0574G Syntopix Group plc 06 May 2011 \n \n\n \n \n\n\n\n\nPress Release \n\n\n6 May 2011\n\n\n\n\n \nSyntopix Group plc\n \n(\"Syntopix\", \"the Company\" or \"the Group\")\n \nAcquisition and Placing to raise £2 million \nSubdivision of current issued share capital and Notice of General Meeting\n \nSyntopix Group plc (AIM:SYN), the speciality pharmaceutical research and development company focused on topical antimicrobial innovations for products in the medicine and consumer healthcare markets, is pleased to announce the following:\n\n\n\n\n· \n\n\nThe proposed acquisition of the entire issued share capital of Leeds Skin Centre for Applied Research Limited (\"Leeds Skin\") (the \"Acquisition\") for a total consideration of £900,000 (£258,750 payable in cash on completion and £641,250 to be satisfied by the issue to the Vendors of 16,031,250 new Ordinary Shares);\n\n\n\n\n· \n\n\nA placing to raise £2 million, before costs, by means of the issue of 50,000,000 new Ordinary Shares at 4 pence per share (the \"Placing\") to fund the Acquisition and provide additional working capital; and\n\n\n\n\n· \n\n\nThe proposed subdivision of each Existing Ordinary Share of 10p into 10 new Ordinary Shares of 1p each (the \"Subdivision\")\n\n\n\n\nLeeds Skin is a private company located in Wetherby, Yorkshire, that runs an independent commercial testing facility specialising in the following:\n\n\n\n\n· \n\n\nHuman Skin Microbiology; \n\n\n\n\n· \n\n\nLiving Skin Equivalent tissue culture systems; and \n\n\n\n\n· \n\n\nHuman Volunteer and Clinical Dermatology Research\n\n\n\n\nLeeds Skin also provides laboratory service facilities for general microbiology applications and high quality contract research services and consultancy to the pharmaceutical, personal products and healthcare industries. Leeds Skin's client base includes Boots, L'Oreal, Stiefel (a GlaxoSmithKline company) and PZ Cussons and it reported unaudited turnover of £514,000 and an operating profit of £149,000 for the 9 months to 31 December 2010. The Acquisition is expected to be earnings enhancing. \nDr Stephen Jones, CEO of Syntopix commented: \"The acquisition of Leeds Skin is a piv...