Says it all...from GB.28 Aug 2020 10:41
“I am pleased to announce this strategically important transaction for Integumen and Modern Water. I am confident that by combining our deep science in water management with Integumen’s real-time AI technology, we will create a world-class water solutions leader. Modern Water will join Integumen’s family of integrated specialties underpinned by scientific expertise and advanced by AI. Together, we will pursue collaboration opportunities, both in aiding the fight against COVID19 and beyond, and further expand the business in the future which we believe will significantly benefit our respective stakeholders.”
Overview:
Following a successful working collaboration over the past few months with Modern Water, we felt that their technology and the ethos of the company was an extremely good fit with the Integumen vision to build a services business using deep science to provide environmental and ethical testing across a broad range of industries including healthcare, beauty, water, utilities, household and chemical. Both companies believe that merging the two businesses is a natural step and we are delighted that Modern Water are recommending our offer of £21.5m to its shareholders.
Nuts and bolts of the deal:
This is a great deal for both sides at £21.5m
Modern Water Shareholders will receive 1 New Integumen Share for every 10 Modern Water Shares, however, to reassure our shareholders, we plan to consolidate ordinary shares in the company by 10:1 following the General Meeting
This gives Modern Water Shareholders 32 per cent. of the share capital of the Enlarged Group
Clearly, the offer remains conditional until being passed by the Integumen Shareholders at the Integumen General Meeting which has been convened for 11.00 a.m. on 15 September 2020.
A circular has been sent to our shareholders today
Why the fit:
Prior to working with Modern Water, Integumen had already dipped its toe into the water (so to speak), creating a platform technology to identify fluids in real time.
Initially focusing on E.coli and funded by Enterprise Ireland and the Environmental Protection Agency we launched RAWtest, our real-time AI contamination alert system
With a timely entrance into water contamination, we teamed up to provide Modern Water with test kits which has since developed into a focus on detection of COVID-19 in wastewater
Modern Water already has a global footprint of more than 3,000 installations and hundreds of clients using their water contamination detection equipment, Microtox
By merging the two businesses we combine Modern Water’s 30 years’ experience with our production capabilities and importantly, retrofitting our AI real-time alert system into Microtox
Modern Water brings additional sites in the US, China and Japan and a strong management team with Nigel Burton joining the Board
Together we offer a truly global real-time water contamination detection solution
Who will benefit:
Right now, our combined efforts, having teame
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