Business
Acquisition and Issue of Equi
Acquisition and Issue of Equi.
About this update from Kazera Global Plc
[{"type":"text","content":"\n RNS Number : 3949T Managed Support Services PLC 28 September 2010 \n \n\n \nFOR IMMEDIATE RELEASE \n 28 September 2010\nManaged Support Services plc\n(\"MSS\" or the \"Group\")\n \nAcquisition of Environmental Control Services Limited (\"ECS\")\n \nPlacing of new ordinary shares to raise £3.1m\n \nAcquisition of ECS \n \nMSS is pleased to announce that it has exchanged contracts to acquire ECS, a London based technical Building Services provider for a net consideration of £3.2m, adjusted for surplus cash. \n \nThe consideration will be satisfied as to £2.975m in cash and 312,500 new ordinary MSS shares as at completion, and a further £0.2m in cash payable in September 2011. The total consideration receivable by the vendors will be £5.35m to reflect £2.15m of surplus cash balances currently held within ECS as at completion and working capital balances.\n \nIn addition, it is agreed that ECS is to be acquired with a further, agreed net cash balance of £0.5m at completion to be available for the enlarged Group's general working capital purposes. This amount is not reflected in the consideration. ECS has no indebtedness.\n \nECS is a long established provider of specialist mechanical and engineering services for corporate and commercial buildings, primarily within the M25 region. The business was founded by the two vendors of whom one will be leaving as at comple...