24th Oct 2014 11:11
LONDON (Alliance News) - Ensor Holdings PLC Friday said it has agreed to an early payment to acquire the 10% of security products company Technocover Ltd that it does not already own.
Ensor will pay GBP1 million to buy the additional stake in Technocover, having originally acquired a 90% stake in the company in January 2012 for an undisclosed amount.
Under the terms of that deal, Ensor agreed to pay an additional GBP1 million after August 31, 2015, subject to Technocover achieving an operating profit of at least GBP1.5 million for the two-year period to August 31, 2013.
Ensor shares were untraded on Friday. The stock last traded at 55.5 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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