29th Nov 2018 11:56
LONDON (Alliance News) - Bilby PLC on Thursday said it agreed to acquire London-focused electrical services company R Dunham UK Ltd for up to GBP1.4 million in cash and 250,000 shares.
The initial cash amount to be paid will be GBP750,000. Furthermore, the sellers are entitled to up to another GBP500,000 subject to achieving "not less than" GBP500,000 pretax profit for 2018.
An additional cash consideration of maximum GBP150,000 is also part of the deal.
The acquisition will be funded from Bilby's existing debt facilities.
"The acquisition is another important step for Bilby enabling it to broaden its customer base and strengthen its presence in its core London and South East markets," the building services provider said.
To cover the deal, Bilby also will issue 250,000 shares to the vendors, subject to a twelve month lock up period.
Admission of the shares to trading is expected next Wednesday, following which Bilby will have 40.5 million shares in issue.
Bilby shares were trading up 0.4% at 94.90 pence on Thursday.
Related Shares:
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