16th May 2025 18:13
(Alliance News) - Visum Technologies PLC on Friday said it has signed a share purchase agreement to buy C&C Gordon Ltd for GBP414,000.
The London-based provider of video technology for the leisure sector said the cost will be paid through the issue of 82.8 million new shares at 0.5 pence each.
Visum said C&C provides a "fully enabled work ecosystem" as a shared workspace provider in the UK that facilitates in-house app development.
It added that the acquisition is subject to legal, financial and other due diligence, with a long stop date that expires at the end of June.
C&C Founder Barry Cushley will join Visum's board as chair with current Chair Andy Edge stepping down.
"This proposed acquisition is expected to provide Visum with expanded capabilities to further develop, refine, and rigorously test our cutting-edge video technologies. C&C's expertise and resources should allow us to accelerate innovation, ensuring we continue to deliver industry-leading solutions to our partners and clients," said Visum Chief Executive Officer Marc Dixon.
Visum said it is negotiating to convert its debt into equity. As part of this restructuring, it expects to issue 142 million shares.
Shares in Visum Technologies were unchanged at 0.15 pence on Friday on the Aquis Exchange.
By Michael Hennessey, Alliance News reporter
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