Business
Acquisition of Poundfield Products Group & Placing
Acquisition of Poundfield Products Group & Placing.
About this update from Sigmaroc Plc
[{"type":"text","content":"\n \nRNS Number : 1572Z SigmaRoc PLC 13 December 2017 \n\nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND, NEW ZEALAND OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT HAS NOT BEEN APPROVED BY THE LONDON STOCK EXCHANGE, NOR IS IT INTENDED THAT IT WILL BE SO APPROVED.\n \n13 December 2017\n \n(EPIC: SRC / Market: AIM / Sector: Construction Materials)\n \nSIGMAROC PLC\n(\"SigmaRoc\", the \"Company and, together with its subsidiaries, the \"Group\"\")\n \nProposed Acquisition of Poundfield Products (Group) Limited\nand \nPlacing to raise £13.9m \n \nSigmaRoc, the AIM quoted buy-and-build construction materials group, is pleased to announce that it has entered into a conditional agreement to acquire Poundfield Products (Group) Limited (\"Poundfield\"), a UK-based group of businesses specialising in patented concrete products and systems, for a total consideration of £10.25m (the \"Acquisition\"). \n \nThe consideration comprises an initial cash consideration of £9.5m on a debt free / cash free basis (the \"Initial Consideration\") and deferred consideration of £0.75m, which will be conditionally payable one year from completion and will be satisfied by the issue of new ordinary shares of 1 pence each in the Company (\"Ordinary Shares\") (the \"Deferred Consideration\"). \n \nThe Initial Consideration is to be funded by way of a conditional placing of 34,000,000 new Ordinary Shares (the \"Placing Shares\") at 41 pence per share (the \"Placing Price\") (the \"Placing\"). The Placing Price represents a 4.7% discount to the closing middle market price of the Company's Ordinary Shares, being 43 pence per Ordinary Share, on 12 December 2017 (being the last practicable date prior to the date of this announcement). Berenberg is acting as sole broker and bookrunner to the Placing. \n \nHighlights:\n· The Acquisition represents further progress in the Company's delivery of its buy-and-build strategy with the completion of another transa...