Business
Acquisition of MS2M
Acquisition of MS2M.
About this update from Pulsar Group Plc
[{"type":"text","content":"\n \nFOR RELEASE 7.00AM 20 SEPTEMBER 2006\n\n ACCESS INTELLIGENCE PLC \n\n Proposed Acquisition of Management Services 2000 Limited \n\n Placing of 25,000,000 new Ordinary Shares at 6 pence per share \n to raise £1,500,000 \n\n Notice of Extraordinary General Meeting \n\n Nominated Adviser and Broker \n\n Corporate Synergy Plc \n\n * Placing of 25,000,000 ordinary shares at 6p per Ordinary Share\n \n * Acquisition of Management Services 2000 (\"MS2M\"), a developer of compliance\n software for the financial services industry, for an initial consideration\n of £1.95 million\n \n * \n + £1.45 million in cash (cash consideration £1 million together with an\n amount equal to the cash balances of MS2M in excess of £300,000,\n estimated to be £450,000)\n \n + £500,000 in new Ordinary Shares.\n \n + Deferred consideration based on five times the average operating profit\n for the two years ending 31 May 2007 and 31 May 2008 less the amount of\n the initial consideration\n \n + Total deferred consideration not exceeding £2.5 million.\n \n * MS2M generated operating profits of £104,000 on a turnover of £607,000 in\n the year ended 31 May 2004 and profits of £299,000 on a turnover of £\n 893,000 in the year ended 31 May 2005. It has recurring revenues of\n approximately £300,000 per annum.\n \nJeremy Hamer, the Chairman of Access Intelligence, commented:\n\n\"The acquisition of Management Services 2000, known as MS2M, is, we believe,\nanother excellent acquisition for Access Intelligence. It has a blue chip\nclient base among some of the leading banks, building societies and financial\ninstitutions.\n\nWith the increasing compliance requirements both in UK and the European Union,\nwe believe that MS2M has tremendous growth opportunities particularly in the UK\nwhere its \"Virtual Compliance Officer\" helps companies comply with the\nFinancial Services Authority's regulatory requirements.\n\nThe Group's existing businesses are performing well and the we believe that\nthey have exciting growth prospects.\"\n\nFor further information:\n\nAccess Intelligence plc 01904 520 840\n\nJeremy Hamer (Non Executive Chairman)\n\nBrendan Austin (Chief Executive)\n\nColin Davies (Finance Director)\n\nCubitt Consulting 020 7367 5100\n\nBrian Coleman-Smith / Allison Reid / Nia Thomas\n\nCorporate Synergy Plc 020 7448 4400\n\nRhod Cruwys / Davi...