27th Sep 2019 12:54
(Alliance News) - Data analytics firm Remote Monitored Systems PLC said Friday it acquired peer Cloudveil Ltd for GBP130,000 in an all-share deal.
Remote will issue 22.2 million shares at 0.5845 pence each as consideration for the acquisition, equivalent to GBP130,000 in total.
Shares in Remote were 4.4% lower at 0.55 pence in London on Friday, giving it a market capitalisation of GBP2.3 million.
"The board has continued to seek relevant acquisition opportunities to create shareholder value and extend the application of our existing technologies to adjacent relevant areas," Remote Executive Director Trevor Brown said. "The acquisition of Cloudveil meets these aims perfectly."
During the nine months ended August, Cloudveil generated GBP47,400 in pretax profit. No revenue or full year figures were provided. In 2018, Remote generated GBP1.1 million pretax loss on revenue of GBP857,970.
After admission of the consideration shares - expected next Wednesday - Remote will have 429.7 million shares outstanding.
By Ahren Lester; [email protected]
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