9th Apr 2014 11:52
LONDON (Alliance News) - Eagle Eye Solutions Group PLC Wednesday priced its initial public offering ahead of its admission to the AIM market April 16, and announced that its acquisition of 2ergo Ltd had been cleared by shareholders.
The digital customer engagement services company placed 3.7 million shares at a price of 164 pence each, raising GBP6.0 million. Its market capitalisation on admission at this placing price will be around GBP33.0 million. The placing was conducted by Panmure Gordon (UK) Ltd.
Eagle Eye is seeking to acquire competitor 2ergo Ltd, a subsidiary of mobile payments company 2ergo Group PLC which contains substantially of of 2ergo's assets and business, for GBP2.5 million in cash raised by the placing and the issue of 1.2 million shares.
The acquisition was cleared by shareholders of 2ergo Wednesday at a general meeting.
Eagle Eye said that, alongside the acquisition of 2ergo, it will use the funds raised in the placing to fund further investment in strategic technology and accelerate growth.
On admission, directors of the company will hold a 26.6% interest in the company, which will be subject to a twelve month lock-in period. A further 45.8% of shares will be subject to a six month lock-in period, Eagle Eye said.
It will begin trading on AIM April 16 under the ticker EYE.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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