16th Jun 2015 11:15
LONDON (Alliance News) - Access Intelligence PLC said Tuesday it has agreed to buy the business and assets of Cision UK Ltd and Vocus UK Ltd for GBP1.3 million, which it will part fund from the GBP3.0 million it has raised in a share subscription and loan note issue, and said its Chief Financial Officer Kole Dhoot has resigned with immediate effect.
Access said Dhoot has resigned after an extended period of absence. A process to find his replacement is underway.
The company said the acquisition of the Cision and Vocus assets provide it with a media contacts database that will strengthen its subsidiary AIMediaComms Ltd.
The businesses are being sold by GTCR Canyon UK Investments Ltd as a remedy suggested by the UK's Competition and Markets Authority to gain approval for its purchase of Gorkana Group, the media monitoring and database company.
"The acquisition of the UK operations of Cision and Vocus clearly demonstrates our continued commitment to the investment in our platform and our future development plans will significantly drive the PR and media intelligence industry forward in the UK," said Chairman Michael Jackson in a statement.
Access Intelligence has raised GBP3.0 million through the issue of 40 million new shares at a price of 3 pence each to raise GBP1.2 million, and the issue of GBP1.82 million nominal 2015 loan notes. It will fund the acquisition from this, with the balance being used as working capital and post-acquisition integration costs.
Shares in Access are trading up 8.3% at 3.25 pence Tuesday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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