30th Jun 2006 07:03
Ascribe plc30 June 2006 Ascribe plc ("Ascribe" or "the Group") Ascribe acquires Patient Administration System ("PAS") supplier HE Information Systems Limited ("HEIS") for £6.492 million Ascribe (AIM:ASP), the health IT Group, today announces further expansion oftheir offering with the acquisition of HE Information Systems, the supplier ofthe CaMIS clinical and information management system to the UK National HealthService. HEIS provides software to 21 hospitals within the NHS, many of whichalso use Ascribe's Pharmacy or Accident & Emergency systems. The total consideration of £6.492 million is to be satisfied by: • On completion - £2.994m of cash - £0.998m to be satisfied by the issue of 3,326,666 shares in the ordinary capital of Ascribe • Deferred for up to 3 years - £1.25m of cash - £1.25m to be satisfied by the issue of shares in the ordinary capital of Ascribe In the year ended 31 March 2005, HEIS made a profit before tax of £0.52m on aturnover of £2.5m. The value of the net assets being acquired is estimated atapproximately £1.15 million. The Board expects that this acquisition will beearnings enhancing during the first year. This acquisition marks a step change for the Group. The HEIS "PAS" productprovides a strategic offering in the Patient Administration System "PAS" andsecondary care, electronic patient record "EPR" markets. The management willjoin the Ascribe team, allowing the Group to restructure its efforts in linewith the opportunities offered by the delays in the National Programme. Due to personal circumstances, Graham Lewis will resign from the Board witheffect from 31 July 2006. The Board wishes him well for the future. StephenCritchlow will assume the role of CEO and Chairman as the Board focuses onconsolidating the Group and optimising the management team with some keyadditions coming from HEIS. Ascribe recently issued a positive trading update and is pleased to report thattrading continues to be in line with expectations. Ascribe has today applied to AIM for admission of the 3,326,666 initialconsideration shares, which is expected to become effective on Thursday 6 July2006. Commenting, Stephen Critchlow, Executive Chairman of Ascribe, said: "Thisacquisition positions Ascribe firmly as a leading health IT solutions provideracross primary and secondary care. HEIS has an excellent and highlycomplementary product and will also bring a strong, experienced management teamto the Group. We will now be able to drive organic growth from a completeproduct set created from best of breed applications. Any future acquisitionswill only follow once the Group is aligned to this significant opportunity." Contacts: Stephen Critchlow, Executive ChairmanTel: +44(0) 161 280 8080Email: [email protected] Ginny Pulbrook / Justin Griffiths, Citigate Dewe RogersonTel: +44 (0) 20 7638 9671 About Ascribe plc: Ascribe plc is a leading healthcare company that develops and markets softwaresolutions supporting patient, clinical and business processes to theinternational healthcare market. The Group provides solutions to Emergency andMinor Injuries units, Mental Health and Social Care units, Hospitals requiringpatient administration systems (PAS) and medical equipment management, Hospitaland Retail Pharmacies, and General Practice surgeries. Ascribe plc was floated on AIM in 2004, and currently employs 170 personnelthough its five operating companies in the UK, Hong Kong, Kenya, Australia andNew Zealand. For more information, please visit www.ascribe.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ASP.L