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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Aquilo | LSE:AQL | London | Ordinary Share | GB00B1LJ8P37 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 3.35 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
tRNS Number:8848E Aquilo PLC 20 June 2006 Aquilo Plc ("the Company" or "Aquilo") Aquilo announces the acquisition of IT Solutions (GB) Ltd ("ITS") Aquilo plc is pleased to announce that it has acquired one hundred percent of the share capital of ITS on 19 June 2006. ITS is a specialist provider of valuation, replacement and repair services of IT equipment to the insurance industry. It also supplies equipment and business continuity services to companies and organisations. ITS's headquarters are located near Leeds, Yorkshire. ITS will form an integral part of Aquilo's property claims services and will broaden the existing supply chain services offered by Aquilo. The controlling shareholder of ITS, Adam Caulfield, will join Aquilo as joint managing director of ITS and will work closely with Mike Dean, the managing director of Aquilo Business Solutions. The acquisition price is a maximum of #1.5 million which will be satisfied by a cash payment of #536,000 and the placing of 50,800,000 new ordinary shares of 1p each at a price of 1.75p with a maximum deferred consideration of a further 4,285,715 ordinary shares at the same price. The cash element is being funded by the issue of #500,000 of convertible loan stock to an existing shareholder, Veer Palthe Voute. The loan stock has a four year maturity and an annual interest rate of 8% payable semi-annually. The conversion price is 2.29p. Aquilo has the option to require conversion once its share price reaches 4.01p. In the last full year of trading (the year ended 31 July, 2005) ITS had a turnover of #11.660 million, a gross profit of #1.973 million and a pre-tax profit of #0.075 million (after proprietors drawings and exceptionals). It is being acquired with a minimal positive net asset value. ITS, net of proprietors drawings, will contribute on current run rate, in excess of #45,000 per month to Aquilo. This is before business synergies which are anticipated to be in excess of a further #50,000 per month. This will considerably expedite Aquilo's return to profitability. During the current year ITS has focused on growing its insurance related activities, as these provide better opportunities for growth in volume and gross profit. The combination with Aquilo will further enhance these developments. Aquilo is setting aside an exceptional cost of #0.4 million to cover related deal costs and to assist integration in order to expedite profit growth. An additional benefit to Aquilo is that the software systems developed by ITS will enable it to improve efficiency in its existing supply chain businesses and facilitate further growth. Clive Nicholls, Aquilo CEO said "We are delighted to have completed the acquisition of ITS. Adam has built a substantial and successful business which is highly complementary to Aquilo's existing activities and strengthens our platform for growth. The combination of this acquisition and the impact of new customer growth in our existing motor and property claims businesses should result in Aquilo becoming profitable and cash flow positive after charging the investment costs in starting up Aquilo Inspection & Reinstatement Services Limited". Adam Caulfield, the founder of ITS said, "I am very pleased to be joining Aquilo. I am excited by the wider opportunities open to ITS and look forward to growing shareholder value for all concerned". Enquiries: Alan Frame, Equity Development, Tel: 0207 405 7777 Alasdair Robinson, Noble & Company Limited, Tel: 0131 225 9677 Notes to Editors: Aquilo operates in the UK general insurance market, as a specialist insurance claims management and advisory group. It seeks to achieve control of the claims process by utilising innovative IT and Human Resource skills. It is traded on AIM. This information is provided by RNS The company news service from the London Stock Exchange END ACQURRORNARNUAR
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