30th Apr 2014 15:12
LONDON (Alliance News) - Feedback PLC Wednesday said it has bought medical imaging software companies Cambridge Computed Imaging Ltd and TexRAD Ltd, and said it will raise GBP300,000 through a share subscription to fund the growth of the acquisitions.
In a statement, the investing shell company said it would pay GBP473,900 in shares and GBP26,400 in cash for the two imaging companies combined, as well as the underlying intellectual property relating to TexRAD.
It said it is proposing to raise the GBP300,000 through a subscription to 24 million shares at 1.25 pence each, money it will use to invest in sales, marketing, regulatory approval processes and to provide additional working capital for the enlarged company.
The company's shares were up 29% at 1 pence Thursday, one of the biggest moves on the London market, as it resumed trading following the takeover news.
Feedback became an investing company in June last year after disposing of its previous operating businesses to pay off debts after losses mounted at its education business. It has been seeking to do a reverse takeover to become a new business since.
By Steve McGrath; [email protected]; @SteveMcGrath1
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