12th Jan 2009 10:07
ACAL PLC ("ACAL") ACQUISITION OF A MAJORITY SHAREHOLDING IN SERVICE SOURCE EUROPE LIMITED ("SSE") AND ESTABLISHMENT OF AN EMPLOYEES' SHARE SCHEME
COMPLETION OF ACQUISITION
Further to the announcement made by Acal on 27 November 2008, Acal announces that it completed on Friday, 9 January 2009, after receiving all the necessary approvals, the acquisition of 75 per cent. of the issued ordinary share capital of SSE, a distributor of service parts for electronic products, and established an employees' share scheme for the management team that will manage its enlarged parts services division.
SSE will be amalgamated with Acal's existing parts services business. The consideration, which was paid in cash, was £1,850,000. In addition, Acal has subscribed for deferred shares in SSE with a total nominal value of £346,625 in cash to enable SSE's preference shares to be redeemed.
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For further information, please contact: Acal plc:
Richard Moon - Chairman Tel: 01483 544 500Malcolm Cooper - Finance Director Tel: 01483 544 500
Cubltt Consulting:
Brian Coleman-Smith/James Verstringhe/Nicola Krafft Tel: 020 7367 5100
Related Shares:
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