20th Jan 2017 16:37
LONDON (Alliance News) - Acal PLC Friday said a group of directors subscribed for shares following the company's share placing to help fund the acquisition of Variohm Holdings Ltd
Chief Executive Officer Nick Jefferies, Non-Executive Director Malcolm Diamond and Finance Director Simon Gibbins each subscribed for 4,545 shares. They now hold 78,341 shares, 14,545 shares and 33,275 shares, respectively.
Chairman Richard Moon subscribed for 9,090 shares, taking his holding to 76,690 shares.
Non-executive directors Richard Brooman and Henrietta Marsh each subscribed for 2,272 shares. They now hold 10,272 shares and 12,272 shares respectively.
Non-Executive Director Tracey Graham subscribed for 6,818 shares, which is her only holding.
The electronics supplier said Friday it plans to acquire Variohm, a UK based electronic sensors and switches company, for an initial GBP12.0 million in cash, and a further contingent consideration of up to GBP1.85 million based on performance targets.
Acal will place 6.4 million shares at a price of 220 pence each to raise around GBP14.1 million, under which the directors have acquired their shares on Friday.
The stock was up 4.4% at 240.00p Friday.
By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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