eXpansys Buys Two Firms For GBP38M; Raises GBP30M In Placing

LONDON (Dow Jones)--Online consumer electronics retailer eXpansys PLC (XPS.LN) Tuesday said it has bought two businesses controlled by major shareholder and entrepreneur Peter Jones for GBP38 million as part of its plan to build a global online technology superstore. The purchases of Data Select Network Solutions Ltd. and PJ Media Ltd. is being largely paid for by a placing of 535,714,286 new shares at 5.6 pence each to raise GBP30 million. As a result of the placing Peter Jones' stake in eXpansys will fall to 43% from 75%. Jones--well known for his role on the entrepreneur television show Dragons Den--will also join the board of eXpansys as a non-executive director while Bob Wigley, chairman of directories firm Yell Group PLC (YELL.LN), will join as non-executive chairman. Chief Executive Anthony Catterson--the former managing director of the U.K. retail business of Carphone Warehouse Group PLC (CPW.LN)--joined in January. As the deal qualifies as a reverse takeover of eXpansys, it will need shareholder backing at a meeting July 23. eXpansys also Tuesday reported a pretax loss of GBP2.7 million for the year ended April 30, down from GBP3.8 million a year earlier. Revenue rose to GBP50.7 million from GBP47 million. -By Rachael Gormley, Dow Jones Newswires; 44-20-7842-9308; rachael.gormley@dowjones.com Order free Annual Report for Yell Group Visit http://djnweurope.ar.wilink.com/?ticker=GB0031718066 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 06, 2010 03:02 ET (07:02 GMT)