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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Intechnology | LSE:ITO | London | Ordinary Share | GB0001388932 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2087O InTechnology PLC 31 July 2003 31 July 2003 Completion of Allasso Acquisition On 10 April 2003 InTechnology plc ("InTechnology") announced that it had reached agreement with Articon-Integralis AG ("Articon-Integralis") to acquire the Allasso business for an initial consideration of Euro25.0 million (#17.6m)1, with potential deferred consideration of up to Euro3.8 million (#2.7m). Allasso is Europe's leading specialist distributor of IT security products, with over 220 staff and operations in six countries. In the year ended 31 December 2002 Allasso reported revenues of Euro152.0m (#107.0m)2 and EBITDA of Euro10.5m (#7.4m). The agreement with Articon-Integralis was subject to a number of conditions being satisfied, including the approval of Articon-Integralis' shareholders, which was obtained on 23 June 2003. The Board of InTechnology is pleased to announce that all remaining conditions required have now been satisfied and the transaction has now been completed. The initial consideration for the acquisition was paid in cash and was financed through a combination of InTechnology's internal cash resources and loans renewed with its existing lender, IBM United Kingdom Financial Services Limited ("IBM"). In order to underpin InTechnology's cash resources for investment in Allasso and the continued growth of InTechnology's Managed Data Services Division, the Company has issued a fixed rate secured loan note in an amount of #15,000,000 (the "Loan Note") to InTechnology's Executive Chairman, Peter Wilkinson, who holds 56.8% of InTechnology's issued share capital. The terms of the Loan Note require that a fee in the amount of 2% of total principle amount of the loan note is paid to Peter Wilkinson. The loan will be repaid quarterly over a three year period commencing 15 months from today's date with a fixed interest rate of 8 per cent. per annum. As security for the Loan Note Peter Wilkinson will take fixed and floating charges over all of InTechnology's freehold property and certain of its assets. However, in all cases Peter Wilkinson's security will rank behind that of IBM for as long as IBM is InTechnology's main provider of debt finance. As Peter Wilkinson is both a director and a substantial shareholder of InTechnology, the loan is classified as a related party transaction under the rules of the Alternative Investment Market and Peter Wilkinson has therefore been excluded from the Board's decision to approve the loan. The directors of InTechnology (excluding Peter Wilkinson) having consulted with its nominated adviser, Dresdner Kleinwort Wasserstein, consider that the terms of the loan are fair and reasonable insofar as the shareholders of InTechnology are concerned. In giving advice to the directors Dresdner Kleinwort Wasserstein has taken into account the directors' commercial assessments. Charles Cameron, CEO, said today: "Allasso is a highly complementary acquisition for InTechnology. It provides us with a firm foundation from which to expand all aspects of our business across Europe and become the partner of choice for suppliers and resellers requiring specialist distribution." Enquiries: Charles Cameron, CEO, InTechnology plc 020 7786 3434 Charlie Batten, Dresdner Kleinwort Wasserstein 020 7623 8000 Philip Shapiro, Dresdner Kleinwort Wasserstein 020 7623 8000 James Melville-Ross, Financial Dynamics 020 7831 3113 Juliet Clarke, Financial Dynamics 020 7831 3113 1 The exchange rate of #1 to Euro1.42 is assumed throughout this release 2 Includes sales to other Articon-Integralis companies, who will remain a significant customer of Allasso post-completion This information is provided by RNS The company news service from the London Stock Exchange END ACQWUUPGMUPWGQG
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