one to watch27 Apr 2009 17:48
Avisen plc
('Avisen' or 'the Company')
Acquisition of Eon Enterprises Limited
Avisen, the AIM quoted performance management specialist, announces the
acquisition of the entire issued share capital of Eon Enterprises Limited
("Eon"). Eon's sole wholly owned subsidiary, Infocube Limited ("Infocube"), is
a leading Cognos and IBM Business Partner. The total consideration for the
acquisition is GBP585,130.
The consideration is being satisfied by a GBP130,000 cash payment (which is
payable in installments prior to 31 July 2009) and the issue of 2,889,711 new
ordinary shares in the capital of the Company ("Ordinary Shares") at a price of
15.75p, equivalent to the closing middle market price of the Ordinary Shares on
23 April 2009. Infocube's unaudited management accounts for the period ended 31
March 2008 show profit before tax of GBP103,086 on turnover of GBP1,208,501. The
value of its net assets as at 31 March 2008 was GBP270,020. Eon has no trading
activity and its sole function is to act as Infocube's holding company.
Infocube, founded in 1988, provides practical and cost-effective Business
Intelligence, Planning, Forecasting and Data Warehousing solutions for its
clients. Infocube works in partnership with Cognos, an IBM company, and the
world's leading developer of Enterprise Business Intelligence and Performance
Management software, in order to provide a comprehensive range