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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Emondo.Com | LSE:EMO | London | Ordinary Share | GB0004635065 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:8369Y emondo.Com PLC 14 February 2001 Issued on behalf of emondo.com plc 14 February 2001 EMBARGOED UNTIL 7AM emondo.com plc ("emondo" or "the Company") Proposed Acquisition of basicfactory s.r.l. ("basicfactory") the IT division of BasicNet S.p.A. ("BasicNet") Proposed fund raising Proposed Change of Name to emondobasic plc. Details of the Acquisition The Directors of emondo, the AIM listed specialists in business to business e-commerce solutions announce that they have entered into a conditional agreement with BasicNet to acquire basicfactory in consideration for the issue to BasicNet of 7 million New Ordinary Shares of 5p each. basicfactory is a company newly incorporated for the proposed transaction. BasicNet has also agreed to employ emondo as IT consultant for a three year period. The assets of basicfactory comprise hardware, software and office equipment and have been valued at approximately #1,727,000. As part of the Proposals, the Company will also place New Ordinary Shares on a non pre-emptive basis with institutional investors to raise approximately #1.7 million. In order to complete the Proposals, emondo shareholders will be asked to disapply their pre-emption rights and a notice convening an EGM will be sent to shareholders, together with a circular explaining the Proposals, in due course. Following completion of the Acquisition the Company intends to change its name to emondobasic plc in order to reflect the two principal components of the Enlarged Group. The subsidiary, basicfactory, will change its name to emondofactory s.r.l. BasicNet BasicNet is an Italian public company listed on the Mercato Telematico Azionario of the Italian Stock Exchange and owns, inter alia, the well-known sportswear trademarks Robe di Kappa and Kappa which are marketed outside of Italy and the USA by licensees. BasicNet has important merchandising and licensing agreements with, amongst others, the Italian National Football Team, the Italian National Rugby Team and AS Roma. The BasicNet group manages relationships with 35 licensees and 8 manufacturing centres with whom strategies are coordinated and, to facilitate its business, a highly sophisticated modular, flexible, structured IT platform has been developed using the Internet. The IT platform has taken five years to develop and is considered by the BasicNet management to be a valuable adjunct to their core business which is not receiving appropriate recognition by investors. They believe that hiving-off the IT operations to emondo to market their IT solutions commercially will enable BasicNet to capitalise on its past endeavours through its substantial shareholding in emondo. The Proposed Enlarged Group It is intended that the Enlarged Group will integrate the existing emondo and BasicNet solutions and complementary areas of expertise to provide end-to-end services to CPRD clients using Microsoft based systems. It is also envisaged that a wider range of service offerings will afford more opportunities to acquire new clients and to increase the share of business with existing clients. -Ends- Enquiries: Fabio Cavalli, CEO emondo.com plc Tel: 0041 79 621 31 80 Jeffrey Coburn, John East & Partners Tel: 0207 628 2200 Alex Walters, Walters Associates Tel: 0207 440 5658
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