Business
Acquisition(s)
Acquisition(s).
About this update from Pipehawk Plc
[{"type":"text","content":"\n \n EMBARGOED: NOT TO BE RELEASED UNTIL 7.00AM ON\n\n 17 MARCH 2006\n\n PipeHawk plc \n\n (\"the Company\") \n\n Acquisition of QM Systems Limited \n\nThe Company announces that it has entered into a conditional agreement to\nacquire the entire issued share capital of QM Systems Limited (\"QM\") for a\nconsideration of 3,250,000 new Ordinary Shares in the Company, which are valued\nat £747,500, based on the closing middle market price of the Company's shares\non 16 March, 2006. The acquisition agreement is conditional on Admission of the\nnew Ordinary Shares to trading on AIM.\n\nQM is a test solutions company whose principal customer is Smiths Aerospace,\nfor whom it is acting on a long term outsourcing agreement to design and supply\ntest solutions in connection with the Joint Strike Fighter programme.\n\nIn the year ended 31 July, 2005 QM achieved a profit before taxation of £\n229,374 on turnover of £2.05 million. At that date it had net liabilities of £\n35,087.\n\nThe Company intends to apply QM's technology to assist in the development of\nthe operational landmine detection vehicle through to production, a grant\napplication for which has been submitted to the European Union.\n\nApplication will be made for 3,250,000 Ordinary Shares to be admitted to\ntrading on the AIM Market and dealings are expected to commence on 23 March,\n2006.\n\nFor further enquiries please contact:\n\nPipeHawk plc Telephone: 01420 590990\n \nGordon Watt 07836 609370 \n \n\n\n \n ","length":2028,"tagName":"div"}]