9th Sep 2013 08:20
LONDON (Alliance News) - Ultrasis PLC Monday said it is to acquire health services provider Screenetics for a maximum of GBP4.8 million.
It said it will issue 42.8 million shares to its biggest shareholder, Paul Bell, for GBP570,600, to pay the cash part of the initial consideration. Bells' holding will rise to 22.21%, from 20.64% as a result. It will issue a further GBP380,400 in shares to Screenetics' current owners to pay the rest of the initial consideration.
It will then pay six times Screenetics' pretax profit in 2014 in cash and shares as a second payment, and a final payment equal to the target's pretax profit in 2015, capped at GBP1.2 million and payable in Ultrasis shares. Screenetics is based in Milton Keynes and is a supplier of health and wellbeing services to the corporate sector, private organisations and the general public. It reported pretax profit of about GBP91,000 on revenues of GBP467,000.
Ultrasis shares were up 5.4% at 1.265 pence early Monday.
By Steve McGrath; [email protected]; @SteveMcGrath1
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