ACC.L Share News (ACC)

Compliance software specialist Access Intelligence edged back into the black in 2009 but the shares fell on Monday as the company issued shares to finance an acquisition. The company is acquiring compliance software specialist Cobent Limited for £5.2m, paying £3m in cash with the remainder satisfied through the issue of 33.33m new Access Intelligence ordinary shares, valued at 6p each. Further payment of up to £0.2m may be payable, depending on the trading performance of the acquired company.On top of the shares issued as consideration for the acquisition the company has issued 60m new shares which have been placed at 5p per share, a discount of 13% to the closing mid-market share price of Access Intelligence on the last trading day before the acquisition was announced.The funds from the placing will be used to finance the cash element of the Cobent acquisition.Cobent's unaudited turnover in 2009 was £1.5m, up from £0.9m in 2008. Earnings before interest, tax, depreciation and amortisation at Cobent in 2008 were £0.55m, up from £0.04m the year before.Turning to Access Intelligence's own performance in 2009, the company's chairman, Michael Jackson, professed himself 'delighted' at a return to profitability. Profit before tax in 2009 was £0.57m, compared to a loss of £4.6m in 2008.Turnover jumped 51.6% to £6.01m from £3.97m.'Looking ahead, we are extremely excited to be announcing the acquisition of Cobent Ltd as this not only reinforces our focus on the compliance sector, but it also expands our sales footprint into the US. With cash on the balance sheet, we continue to search for similar acquisition opportunities,' Jackson said.