15th Jan 2015 10:04
LONDON (Alliance News) - Progility PLC Thursday said it has repaid the first tranche of the loan notes issued in connection to the acquisition of Starkstrom Group.
Progility bought Starkstrom in a GBP9.7 million deal in July, with the consideration split between GBP7 million in cash and GBP2.7 million in zero coupon loan notes issued to Starkstrom's owners.
Progility said the repayment has been financed by the issue of a further tranche of GBP680,628 in loan stock by Progility Finco Ltd to DNY Investments Ltd. DNY Investments is an asset of the DNY Trust, a family trust in which Wayne Bos, executive chairman of Progility, is a discretionary beneficiary.
"We ended 2014 by concluding the acquisitions of Unify India and Woodspeen Training. Together with Starkstrom, our most significant acquisition in 2014, we have made great strides in expanding our platform of systems integration and project management services internationally," said Bos.
Progility shares were down 3.5% to 7.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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