10th Jan 2006 07:00
Sigma Technology Group PLC10 January 2006 FOR IMMEDIATE RELEASE 10 January 2006 SIGMA TECHNOLOGY GROUP PLC ("Sigma") Business and Investment Update Strategic Investment Management Ltd announces its 4th property acquisition Sigma is pleased to announce that its subsidiary, Strategic InvestmentManagement Ltd ("SI" or the "Company"), has exchanged contracts on its fourthcommercial property acquisition, through a limited partnership, with legalcompletion scheduled for 28 February 2006. The total consideration for thisdevelopment property is £46.5m. This is being funded by bank debt together with£10 million of third party equity. The development is a new prime office building and is part of a larger threephase development of St Paul's Square located within Liverpool's commercialdistrict. It is intended to set new standards in quality, function and image ofthe city's office market. The property has been pre-let to the law firm, HillDickinson, upon practical completion due in July 2007. To date, SI has established three other limited partnerships, raising £16m, £24mand £36m respectively, and has already achieved two successful exits. TheCompany earns an initial fee on the basis of the funds raised for eachpartnership and has the right to a share of any capital gain realised once aspecific minimum return has been achieved for investors. Since Sigma holds 44%of SI, all set-up fees and fees earned by SI on the disposal of each propertyare reflected in Sigma's consolidated accounts. MIG Acquisition of the Corporate Business of Microtechs Services Managed Information Group (MiG), a Sigma investee company, has announced itsacquisition of the corporate business of Microtechs Services Limited (the"Business") for a cash consideration of £230,000 and an equity stake in MiG.This transaction was completed by the transfer of the Business into a newcompany, MT Implementations Limited (MTi), which is a 100% wholly ownedsubsidiary of MiG. The acquisition was financed by the management team and SigmaTechnology Venture Fund ("STVF"); who also led the original funding round in2004. As part of the transaction, STVF has increased its holding to 76% of theissued share capital of the combined group. The Business, whose turnover was over £2m in 2005, has a strong track record ofdelivering high quality installation, maintenance, configuration and projectmanagement services for Automated Teller Machines, Electronic Point Of Salemachines, personal computers, servers and similar equipment, both directly andthrough intermediaries, to business customers. The customers of the Businessinclude Wincor Nixdorf, Siemens Business Services, Fujitsu Services, MoneyBoxand NCR, and through them to major banks and high street retailers. MTi will be headed up by Adrian Batchelor, the founder of the Business, who hasalso joined the main board of MiG. For more information please contact: Sigma Technology 0207 653 3200Neil Crabb, Joint Managing Director Buchanan CommunicationsDiane Stewart/Isabel Podda/Amy Rajendran 0207 466 5000 Notes to Editor About Sigma Technology Sigma Technology Group plc is a UK venture capital investment and corporateadvisory group with offices in London and Edinburgh. It specialises in twosectors; technology and property. Sigma was founded in 1997 by Graham Barnet and Neil Crabb. It manages thirdparty funds as well as investing as principal alongside third party investorsthrough its technology venture capital funds, the Sigma Technology Venture Fundand the Sigma Innovation Fund (East of Scotland). These have £23 million offunds under management. Its property activities are through its subsidiary, Strategic InvestmentManagement Limited, which has raised funds of £76 million. About MiG MiG was formed in March 2004 and has two other operating subsidiaries Armon (UK)Limited and iFramework Limited. Armon is an IT support company based in Kent whoprovide a range of support services both remotely, in the field and throughoutsourcing contracts to a variety of corporate customers. iFramework Limited,is a software company whose roots are in the development of informationmanagement applications and is now developing vertical applications for thehospitality sector. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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