24th Sep 2010 07:00
For immediate release: 0700hrs, 24 September 2010
KINGSWALK INVESTMENTS LIMITED ("Kingswalk" or "the Company") ACQUISITION AND ISSUE OF SHARES
Kingswalk Investments, Limited (AIM: KWI) the strategic investment company today announces that it has agreed to acquire a 49.9 per cent. stake in the issued share capital of Vermeesch Installaties B.V. ("Vermeesch") for £165,000 ("Consideration").
Vermeesch is a Dutch based security equipment installation and maintenance firm operating in Rotterdam. Vermeesch has 13 employees and in the year ended 31 December 2009 recorded turnover of €932,000 and a profit after tax of €54,000. Net assets as at 31 December 2009 were approximately €92,000.
The Consideration is to be satisfied by the issue of 4,666,666 new ordinary shares in the Company valued at 3p per ordinary share ("Consideration Shares"), together with £25,000 in cash payable on completion ("Cash Consideration"). The Consideration Shares will be subject to one year lock-in from completion.
The Cash Consideration is being provided from the Company's existing borrowing facilities entered into by the Company in June 2010. This brings the total amount drawn down under the loan facility to date to £60,000 (the "Loan"). The Company has today received notice that the lender wishes to convert the Loan into ordinary shares in Company as set out under the terms of the loan facility agreement. As a result, the Company today also announces that it is issuing 6,000,000 new ordinary shares pursuant to the convertible loan facility ("Conversion Shares").
Application has been made for the Consideration Shares and the Conversion Shares (together, "New Shares") to be admitted to trading on the AIM market of the London Stock Exchange and trading in the New Shares is expected to begin on 29 September 2010.
Following admission of the New Shares, the Company's issued ordinary share capital will comprise 53,171,673 Ordinary Shares. All of the ordinary shares carry voting rights and this will be the figure which may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the issued share capital of the Company.
For further information please contact:
Kingswalk Investments Limited Paul Everitt +44 (0)1481 732 888Daniel Stewart & Company Plc Oliver Rigby +44 (0)20 7776 6550GTH Communications Toby Hall +44 (0)20 3103 3900Christian Pickel +44 (0)20 3103 3902
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