11th Feb 2019 12:01
LONDON (Alliance News) - GRC International Group PLC on Monday said it bought provider of data consulting and technology solutions DQM Group Holdings Ltd for an initial GBP5.9 million.
The acquisition is expected by the company, which supplies IT, governance and compliance products and services, to be earnings enhancing from financial 2020 and beyond.
Out of the initial consideration for DQM, the first GBP3.5 million will be satisfied in cash while GBP2.4 million will be covered by the issue of 2.0 million shares in GRC at 116.5p each.
Furthermore, the company anticipates having to pay a deferred consideration of between GBP2.5 million and GBP3.5 million but not exceeding GBP5.0 million for DQM.
In order to part-fund the cash part of the acquisition, GRC said it intends to raise GBP5.0 million by way of a conditional placing of 5.0 million shares at 100 pence each.
GRC shares were untraded at 109.00p each on Monday.
Related Shares:
GRC.L