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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Argentvive | LSE:ARGV | London | Ordinary Share | GB00B2425T97 | 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% | 1.375 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:9954G Argentvive PLC 05 November 2007 ARGENTVIVE PLC ("ArgentVive" or "the Group") Acquisition ArgentVive plc, the e-commerce group, is pleased to announce the acquisition of the entire issued share capital of Advance Warning Limited ("Advance Warning"), a social networking development company, for a total maximum consideration of #450,000. Advance Warning is a social networking software engine that allows groups of friends to create communities around events within the film and music markets. Advance Warning licences its proprietary software to third party businesses for which it charges an initial licence fee and ongoing hosting fees. It recently secured a licence with film channel, Britfilms.tv, and is currently in final negotiations for a further license. Advance Warning was established in August 2006 by a group of entrepreneurs who have been involved in the development of social networking sites since 1998. The management team, comprising CEO Penny Nagle and Chief Technology Officer Stu Tilly, will remain with Advance Warning following completion. The consideration is to be satisfied by an initial payment of #300,000 by the issue of 616,016 new ArgentVive ordinary shares (the "New Shares"), representing 2.26 per cent. of the enlarged share capital. Additional consideration of up to a further #150,000 will be paid, should Advance Warning satisfy earn out conditions linked to contract value, profits and cash burn in the period to 30 April 2009. Any additional consideration will also be satisfied by the issue of further new ordinary shares up to a maximum of 308,008 new ordinary shares. The New Shares will rank parri passu with the existing issued ordinary shares. Application has been made for the New Shares to be admitted to trading on AIM and dealings are expected on 9 November 2007.Upon completion of the acquisition the number of shares in issue will be 27,316,016. Kevin Fleming, Finance Director of ArgentVive, said: "Our ambition to become a leading e-commerce group continues with our second strategic acquisition. The Directors believe that there is significant potential in niche social networking applications and we see, in Advance Warning, a commercially attractive proposition as a result of its robust software combined with great design and user functionality." Penny Nagle, CEO of Advance Warning, commented: "We are very excited to be part of the ambitious growth plans of ArgentVive. We aim to capitalise on the demand from businesses to expand their web offering to include social software and we believe we have a potentially market leading application. " 5 November 2007 Enquiries: ArgentVive plc Tel: 01932 569 912 Kevin Fleming, Finance Director Charles Stanley Securities Tel: 020 7149 6000 Nominated Adviser and Joint Broker Russell Cook / Carl Holmes IAF Securities Tel: 020 7747 7400 Joint Broker Gary Pinkerton College Hill Tel: 020 7457 2020 Mark Garraway/Kate Pope This information is provided by RNS The company news service from the London Stock Exchange END ACQQELBBDFBZFBX
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