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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Sirvis | LSE:SRV | London | Ordinary Share | GB00B23PRH18 | ORD 40P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 160.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4562W SiRViS IT PLC 11 May 2007 SiRViS IT plc ("SiRViS" or "the Company") Acquisition of Technology Management Group Limited ("TMG"), Placing to raise approximately #538,000 and New Board Appointment SiRViS IT plc, which provides a range of IT services including support, consultancy and systems integration, is pleased to announce that it has today acquired Technology Management Group Limited for up to #2.2m. The Company has also today placed 17,933,755 ordinary shares of 1p each ("Ordinary Shares") at 3p each. These shares have been placed with institutional investors, other than 1,833,333 which were subscribed for by the Board of SiRViS as detailed below. The new Ordinary Shares issued were placed by way of a vendor placing ("the Placing"). Application has been made for the new Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will be effective and dealings will commence on 17 May 2007. Details on TMG TMG which is based in Buckinghamshire, offers a range of contracted IT infrastructure services and has a staff of 80. In the year to 30 November 2006, TMG achieved profit before tax of approximately #194,000 on turnover of #5.2m. TMG has recurring contracted revenues of approximately #3 million, a blue chip customer base and at 30 November 2006 net assets of approximately #139,000. Completion of the acquisition ("Completion") took place earlier today. The Directors believe that the acquisition will be earnings enhancing and will have the added benefits of broadening the client base whilst reducing reliance on third party software houses. Terms of the acquisition SiRViS will pay initial consideration of #1.25m, of which #184,108 was paid on Completion and #517,912 will be paid from the proceeds of the Placing of which amount #42,144 is to be retained and available to meet adjustments in the purchase price as well as warranty and other claims. Vendor loan notes having an aggregate face value of #547,979 have also been issued of which #131,817 are to be redeemed by the Company on 30 November 2008 and the balance redeemed by 13 monthly installments of #30,000 with a final payment of #26,162. The first monthly payment is due on 29 June 2007. An additional #475,000 is payable in cash if contracted revenues are not less than the annualized contract base at Completion 15 months thereafter. SiRViS will pay up to a further #475,000 in cash, on a # for # basis on new recurring contracted revenues gained from existing TMG prospects during the 15 months from Completion. The cash consideration is to be funded through the use of existing bank facilities and the proceeds of the Placing detailed above. Trading Update As previously announced, over the last nine months we have concentrated on increasing our gross margins. As a result, margins have continued to recover as we have reduced the level of low margin hardware sales and turned away less profitable business. Whilst our profitability remains broadly in line with market expectations, we anticipate that as a result of our margin led approach, revenues for the year to 31 May 2007 will be lower than those achieved in the previous year. The approach from K3 Business Technology Group plc in December 2006 did cause significant disruption to our business but that is now behind us and we look forward to the future with confidence. New board appointment Robert Christopher Brittaine aged 54 has today been appointed a director of the Company. In 1983, Bob led the buy-out of TMG from Hamilton Rentals Limited. He has worked in IT services since 1977 having also worked for Plessey and Hewlett Packard. Bob also entered into a contract of employment with the Company today which confirmed his appointment as the Sales Director for the SiRViS group of companies for an initial period of 12 months and thereafter the Contract can be terminated on giving three months notice. The contract of employment contains restrictive covenants during his employment and for three months thereafter (non-compete) and otherwise 12 months thereafter. These covenants include; non-competition, non-solicitation, non-acceptance of business from customers and non-solicitation of employees or consultants. Bob's basic remuneration is #80,000 per annum and he also benefits from life cover, private medical cover, permanent health insurance and pension contributions in each year equal to seven per cent. of basic salary (subject to a salary cap of #105,600) Bob Brittaine holds or in the last five years has held the following directorships or partnerships. Technology Management Group Ltd ATM Ltd Pulse Service Centre Ltd Advanced Technology Maintenance Ltd Advanced Technology Marketing Ltd ComputerSource Ltd Pulse Service Centre Ltd was placed into receivership in 2005 when Bob Brittaine was a director of the company. Other than this there is no further disclosures required under Schedule Two, Annex III, paragraph (g) of the AIM rules As at today, Bob Brittaine has no interest in the issued share capital of the Company. Directors shareholdings Members of the Board are subscribing for shares in the Placing as shown below: Number of Percentage of Ordinary Shares Ordinary Shares issued share subscribed for at held following capital following Director the Placing Price the Placing the Placing Peter Addison 333,333 433,333 0.3% Mark Lewis 666,667 1,864,237 1.4% Ian Bailey 666,667 1,016,667 0.8% Ian Lancaster 166,666 166,666 0.1% Total 1,833,333 3,480,903 2.6% Commenting on the acquisition and placing, Mark Lewis Chief Executive said: "We are delighted to have completed this important acquisition and increased the strength of our Board through the addition of Bob Brittaine. TMG is an important step in building SiRViS IT into a larger and more profitable business. The acquisition is expected to be earnings enhancing and will significantly increase the value of our contracted revenues." 11 May 2007 For further information please contact: Mark Lewis 01773 825516 Chief Executive JM Finn & Co Ltd Geoff Nash 020 7600 1660 This information is provided by RNS The company news service from the London Stock Exchange END STRBBGDUCUBGGRB
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