19th Mar 2014 10:00
LONDON (Alliance News) - Vislink PLC Wednesday said that it had completed its acquisition of broadcast software company Pebble Beach Systems for GBP14.9 million, comprising of GBP12.9 million in cash and GBP2.0 million through the issue of 4.7 million shares at 42.545 pence.
The cash consideration was funded from the company's existing resources and a new GBP10.0 million debt facility, which has a three-year term and is split into a GBP3.0 million amortising term loan and a GBP7.0 million flexible revolving credit facility.
Pebble Beach is based in Weybridge, Surrey. It posted revenue of GBP5.64 million for the 12 months ended June 30, 2013, earnings before interest, tax, depreciation and amortisation of GBP1.3 million and pretax profit of GBP1.3 million.
"Pebble Beach Systems is a perfect fit given our focus on product leadership and it will enable us to offer our global broadcasting clients a complete scene-to-screen solution," said Vislink Executive Chairman John Hawkins in a statement Wednesday.
Shares in Vislink were trading up 11% at 45.60 pence Wednesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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