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LONDON (Alliance News) - Enables IT Group PLC shares were higher Thursday morning after it said it had reached an agreed deal to be bought by peer 1Spatial PLC.
In a joint statement, the companies said the offer will be done through a scheme of arrangement whereby Enables IT shareholders will get 1.13 1Spatial shares for each scheme share.
Based on 1Spatial's closing price of 6.75 pence on Wednesday, the deal gives a value of about 7.628 pence to each scheme share, a premium of about 27% to the closing price of 6 pence per scheme share on the same day, and values Enables IT's share capital at about GBP2.08 million.
1Spatial said it has received irrevocable undertakings to the offer in respect of 11.7 million Enables IT shares, oe 42.77% of the existing share capital, after getting undertakings from directors and Hargreave Hale.
1Spatial said it intends to use Enables IT's data centres and managed service products in both the UK and US to provide "cost effective" cloud services to 1Spatial's businesses.
The 1Spatial directors believe the acquisition of Enables IT would be a significant addition to its suite of solutions, enabling the enlarged group to broaden and enhance its managed services and cloud services offering, supported by a strong technical support service," it said.
Enables IT Group shares were up 11.7% at 6.70 pence Thursday morning, making it one of the best-performing stocks in the AIM All-Share index, while 1Spatial shares were down 3.7% at 6.50 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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