Business
Acquisition
Acquisition.
About this update from Pci-pal Plc
[{"type":"text","content":"\n RNS Number : 9054Z IPPlus PLC 21 January 2011 \n \n\n\nIPPlus PLC (the \"Company\")\n21 January 2011\n \nAcquisition of Ancora Solutions\nThe board of IPPlus PLC, the software and services business, is pleased to announce that the Company has today completed the acquisition, via its main operating subsidiary IPPlus (UK) Limited, of the business, assets and goodwill of Ancora Solutions Limited for a consideration of £474,000 (the \"Acquisition\")\nOf the amount to be paid, £279,000 is to be settled in cash on completion, £84,000 will be deferred and paid in cash over a period of 42 months, and the balance will be settled through the issue of 1,930,435 ordinary 1p shares in the Company ('new Ordinary Shares') issued at a price for the Ordinary Shares being 5.75p.\nApplication will be made for admission of the new Ordinary Shares to trading on AIM as soon as it is practicable. \nAncora is an established regional leader in document storage and secure document destruction serving many leading blue chip companies within the legal, medical, property, and transportation sectors. Richard Clement, who has been the lead executive director for the past two years, joins IPPlus bringing his team of archive specialists. \nFor the year ended 30 November 2009, Ancora had revenues of £720,814, a Profit after Tax of £81,683 and had net assets of £206,479 at the period end. The acquisition is expected to be earnings enhancing in the first full year of ownership.\nThe acquisition of Ancora extends IPPlus's offering by providing out sourced office services to a wide range of prestigious clients. This attractive bolt on will also provide the opportunity to broaden our activities into both the private and public sector, particularly where compliance and regulatory storage is needed. The Ancora team have built an impressive customer base and an enviable reputation using their bespoke software for cataloguing and indexing vital document management storage. \nThe dream of the paperless office, first pronounced 30 years ago, is consistently being pushed back. The development of cheap computers, laptops and handheld devices combined with easy access to office printers and copiers means that, in reality, larger volumes of documents and e:mails are being produced and printed for hard copy storage. At the end of the document's life cy...