Business
Acquisition of Tech Returners and Issue of Equity
Acquisition of Tech Returners and Issue of Equity.
About this update from Northcoders Group Plc
[{"type":"text","content":"\n \n \n \n 7 February 2023\n \n \n \n \n Northcoders Group PLC\n \n \n \n ('Northcoders' or the 'Group' or 'Company')\n \n \n \n \n \n \n Acquisition of Tech Returners\n \n \n \n \n Issue of Equity and Total Voting Rights\n \n \n \n \n \n \n Northcoders (AIM:CODE), an independent provider of training programmes for software coding, is pleased to announce that it has entered into a conditional agreement (the 'Acquisition Agreement') to acquire Tech Returners Limited ('Tech Returners'), a leading UK technology re-training business for senior-level personnel (the 'Acquisition') for a total consideration of £1.576 million, to be satisfied in cash and shares. This strategic Acquisition will further diversify Northcoders' Business Services division, adding a new income stream to the Group's growing corporate-focused business model.\n \n \n \n \n \n Founded in 2016, Tech Returners specialises in remote training and placing of senior level professionals looking to re-enter the workplace in the technology sector. The business uses its industry leading knowledge and techniques to up-skill corporate sponsored individuals or existing corporate teams for large corporate clients across a number of industries. Corporate clients have included global brands such as AutoTrader, BBC, booking.com, checkout.com, The Guardian, Holiday Extras, Lloyds, On the Beach and the Telegraph. Tech Returners is expected to be fully integrated into the Group by Q2-2023 and will continue to operate under its existing brand.\n \n \n \n \n \n Pursuant to the terms of the Acquisition, the Company has agreed to acquire the entire equity interest in Tech Returners from Rebecca Ferguson (néeTaylor ) and James Heggs ('the Tech Returners Founders'), for a total consideration of £1.576 million, to be satisfied in cash and shares. The initial consideration of £1.326 million will be satisfied on completion by payment of £0.326 million ('Cash Consideration') and the issue of 322,580 new ordinary shares of £0.01 each in the capital of the Company ('Consideration Shares'). Deferred consideration of £0.25 million is payable twelve months post Completion in cash ('Deferred Consideration'). Completion of the Acquisition is conditional on admission to trading of the Consideration Shares ('Admission') which is expect...