29th Dec 2016 08:19
LONDON (Alliance News) - Vipera PLC on Thursday said it will significantly increase its stake in its Codd & Date subsidiary as part of a reorganisation of its customer delivery organisation.
The specialist provider of mobile financial software services said that, under the restructuring, Codd & Date will be split into two entities, at which point Vipera will hive out the Motif segment of the Codd & Date business and align the operations with those of its Italian subsidiary Vipera SRL. The other part of Codd & Date consists of consultancy activities.
Motif is the mobile financial services and digital customer engagement platform of Vipera.
Vipera has entered into a series of deals with smaller shareholders and senior staff members of Codd & Date to buy their shares in the group in exchange for Vipera shares, taking its holding in Codd & Date to 81% from 51%.
As a result, Vipera will issue 21.4 million new shares and warrants for a further 6.0 million shares, exercisable at 5.00 pence each. The shares will be issued at a price equal to the closing mid-market price on the day prior to the completion of its reorganisation.
Shares in Vipera were untraded on Thursday, having last traded at 5.50p.
Completion is expected to occur by the end of January and, in parallel to this, Vipera has taken a lease on a new, larger premises in Milan, which it said will bring its Italian operations together.
Vipera's reorganisation is "designed to assist the smooth delivery of an increasing number of customer deployments, centralise management of the group's solution offering for retailers and enable more specialisation within the wider Vipera delivery team", it said.
By Hannah Boland; [email protected]; @Hannaheboland
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