Local Authority Software Provider Bought for £1.2m
Anite Group PLC
6 December 1999
Anite Group buys Local authority application software
provider for £1.2 million
Anite Group plc (the 'Company'), the IT consultancy, software and
services business, announces that its wholly owned subsidiary,
Imasys Local Government Limited ('ILG') has acquired from Business
Computer Technology Limited the business known as 'ORBIS' and
certain of the assets relating to such business for an aggregate
purchase price of up to £1.24 million (the 'Acquisition').
Orbis develops application software which is marketed to Local
authorities' revenues departments. These products will be
marketed by ILG to its Local authority customer base. ILG is the
market leader in the supply of workflow systems to Local
authorities.
The initial consideration payable for the Acquisition amounts to
£1.09 million of which £640,000 is to be satisfied in cash and
£450,000 is to be satisfied within 14 days by the issue of 506,757
new ordinary shares of 10p each in the Company subject to the
production of a satisfactory report under section 103 Companies
Act 1985 and, if such report cannot be produced, in cash.
Additional deferred consideration of up to £150,000 is payable
dependent upon future sales of ORBIS's products. Such additional
consideration would be satisfied by the issue of further new
ordinary shares in the Company, subject to the production of a
satisfactory report under section 103 Companies Act 1985 and, if
such report cannot be produced, in cash.
Accordingly, an application has been made to the London Stock
Exchange for 506,757 ordinary shares in the Company to be admitted
to the Official List. Conditional permission to admit the new
shares was granted on 3 December 1999 and dealings are expected to
commence by 20 December 1999. These shares would rank pari passu
with the existing issued ordinary shares in the Company.
John Hawkins, Chief Executive of Anite Group, commenting on the
acquisition said: 'The inclusion of Orbis within our portfolio
adds revenue applications to our existing workflow offer to our
Local authority clients.'
For further information please contact:
Anite Group plc
John Hawkins, Chief Executive 0118 963 7708
Simon Hunt, Finance Director
Ludgate Communications 0171 253 2252
Edward Macquisten/Reg Hoare
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