Business
Acquisition and Total Voting Rights
Acquisition and Total Voting Rights.
About this update from Tekcapital Plc
[{"type":"text","content":"\n \nRNS Number : 5652W Tekcapital plc 28 April 2016 \n\n \n \nTekcapital plc\n(\"Tekcapital\" or the \"Company\")\n \nAcquisition of Vortechs Group Inc. Assets and Total Voting Rights Update\nExpansion of Service Offerings to Include Technology Transfer Placement Services\n \nTekcapital plc (AIM: TEK), an international provider of technology and intellectual property services, is pleased to announce the acquisition of the certain assets and the business of Vortechs Group Inc. (\"Vortechs Group\"), a leading technology transfer executive search firm. \n \nFounded in 1998 by Glen Gardner, Vortechs Group is a specialised executive search firm for organisations seeking technology transfer professionals. The Directors believe that this acquisition will expand Tekcapital's services and enable the Company to provide technology transfer professionals, in addition to the technology transfer and related analytics services that it currently delivers to its university and corporate clients. The Directors also believe that the acquisition will provide Tekcapital with access to an enlarged network of key contacts within the technology transfer sector. \n \nUnder the terms of the acquisition, it is intended that current associates and management of Vortechs Group will remain in place as employees of Vortechs Group and will continue to manage and operate Vortechs Group's business activities as a division of Tekcapital. \n \nVortechs Group's unaudited management accounts for the year ended 31 December 2015 recorded revenues of approximately $351,000 and a pre-tax loss of approximately $3,000 and at 31 December 2015 had net assets of approximately $42,000.\n \nTekcapital has issued 577,868 new ordinary shares of 0.4 pence (the \"Consideration Shares\") to Vortechs Group at an issue price of 47.5p per share and paid $100,000 cash as consideration for this acquisition. The Consideration Shares will rank pari passu with the Company's existing issued ordinary shares. Application will be made for the admission of the Consideration Shares to trading on AIM (\"Admission\") and it is expected that Admission will become effective on or around 4 May 2016. Vortechs will be subject to certain restrictions in respect of the disposal of the majority of the Consideration Shares. \n...