4th Nov 2014 08:33
LONDON (Alliance News) - Touchstone Gold Ltd shares fell in early trade on Tuesday after the company confirmed it has agreed to acquire UK-based security group GOS Systems.
Touchstone said it would be acquiring the assets, intellectual property rights and business of GOS for a nominal consideration which it did not define.
Inclusive of that nominal consideration, Touchstone said it would invest up to GBP250,000 in the acquisition in order to allow GOS to fund initial working capital requirements. It will then commit a further GBP250,000 to fund growth.
Touchstone is buying GOS from administrators.
Touchstone Chief Operating Officer Franz Forrester said the company is continuing to evaluate possible acquisitions.
Shares in the company were down 2.3% in early trade to 0.425 pence, having fallen around 10% at the open.
By Sam Unsted; [email protected]; @SamUAtAlliance
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