Drumz PLC - Beaconsfield, England-based investor in the software sector - Agrees to buy Acuity Risk Management Ltd, in which it already owns 25%, for GBP3.6 million. Plans to fund deal by GBP500,000 cash and GBP3.1 million by the issue of 45.7 million shares at 6.75 pence each. Adds acquisition options over 2.4 million shares may be granted to the founders in the event the company's share price does not at any time exceed an average of 6.99p. Further notes a GBP1.5 million placing of subscription of 32.2 million shares at 4.5p. The acquisition of ARM will constitute a reverse takeover. Intends to change name on completion of deal to Acuity RM Group PLC.
Current stock price: 0.56 pence
12-month change: up 6%
By Jeremy Cutler, Alliance News reporter
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