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Premier Technical Services To Acquire Electrical Testing Company (ALLISS)

Mon, 15th Oct 2018 17:41

LONDON (Alliance News) - Premier Technical Services Group PLC said Monday it plans to acquire Guardian Electrical Compliance Ltd for an initial cash consideration of GBP12.0 million.

Deferred consideration of up to GBP4.0 million is also payable over the next three years, in cash or shares at Premier Technical's discretion, subject to the electrical testing & compliance company meeting stretching performance targets.

Guardian will be acquired with GBP1 million of cash on its balance sheet.

Premier Technical will also conduct a non-pre-emptive cash placing to raise gross proceeds of GBP20.0 million to fund the acquisition, associated costs and to support future acquisitions.

Numis Corp PLC will act as sole bookrunner for the placing.

The price per share at which the placing shares will be placed will be decided at the close of the bookbuild. The timing of the closing of the bookbuild, the placing price and allocations will be decided by Numis and Premier Technical.

Shares in Premier Technical Services closed down 3.4% at 157.00 pence each.

Admission of the shares in expected on London AIM on October 18.

Premier Technical believes the acquisition "substantially enhances" its position in the Electrical Services market and follows its stated strategy of increasing revenue from compliance related services whilst achieving sector "dominance".

The AIM-listed company is also in "exclusive negotiations" to acquire a Fire Solutions company for an initial cash consideration of GBP4 million plus deferred consideration payable over five years, subject to delivery against stretching performance targets.

The unnamed business is based in the south of England and will give Premier Technical "comprehensive" geographical coverage and service offering to its existing client base of over 17,000 customers.

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