10th Oct 2018 10:48
LONDON (Alliance News) - Access Intelligence PLC said Wednesday it agreed to acquire ResponseSource Ltd for GBP5.5 million.
The software-as-a-service provider said that the first GBP5 million will be paid in cash on completion, while the remaining GBP500,000 will be paid by the allotment and issue of 793,651 shares at 63 pence each to ResponseSource's sellers.
ResponseSource is a business providing online intelligence to PR, marketing and journalism professionals.
The acquisition, which will add a "highly complementary" business to its operations will be "earnings enhancing in the first full year", Access said.
Furthermore, Access said it raised GBP6.8 million via the issue of 14.3 million shares at 47.5p each in two tranches. The price is adjusted for a 1-to-10 share consolidation announced by the company.
The issue price represents a 25% discount of the company's closing mid-market price on AIM of 6.3p on October 8.
Shares in the company were trading 5.6% lower at 5.95 pence each.
Access is proposing a share consolidation in order to reduce the size of the company's share capital which is "much higher than similar sized companies on AIM". If approved shareholders will receive 1 new share for every 10 shares held.
Related Shares:
ACC.L