Sign In
Last checked at 
11 Dec 2008 08:07
ο»Ώ
GETECHΒ Group plcΒ
("GETECH" orΒ the "Company")
Completion ofΒ Acquisition and Placing
Further to the announcement made onΒ 9Β December 2008,Β GETECHΒ confirms that following receipt of the consideration from the CompanyΒ byΒ Lisle Gravity Inc, all conditions relatingΒ toΒ the acquisitionΒ ofΒ the assets ofΒ Lisle Gravity IncΒ ("Lisle")Β by GETECHΒ (the "Acquisition")Β have been satisfied, and accordingly the Acquisition is now complete.
Commenting on the Acquisition, Peter Stephens, Chairman ofΒ GETECHΒ said ""This acquisition by GETECH is its first following our acceptance onto the AIM market. Although any acquisition at this time whenΒ the world's financial marketsΒ areΒ in turmoil and the oil price is low,Β is not without risk, the match of Lisle Gravity Inc with our core business could not be ignored and provides a mid- to long- term growth opportunity for the Company."
The assets of Lisle will be held by GETECH'sΒ USΒ subsidiary, Geophysical Exploration Technology Inc.
Following completion of the Acquisition, the placingΒ ofΒ 1,530,461Β ordinary shares at a price ofΒ 26pΒ to support the acquisitionΒ (the "Placing"),Β also set out in the announcement datedΒ 9Β December 2008Β is now complete subject only to admission of the Placing Shares to trading on AIM.Β The Placing, which was oversubscribed, raisedΒ Β£400,000Β before expenses.
ApplicationΒ willΒ be made for the Placing Shares to be admitted to trading on AIM and dealing in the Placing Shares is expected to commence onΒ 17Β DecemberΒ 2008.
Following the issue of the Placing Shares the total number ofΒ ordinaryΒ sharesΒ of the CompanyΒ now in issue is 29,222,768.
Derek Fairhead, a director of the Company, acquired 96,154 Ordinary Shares in the Placing and accordingly holds 8,940,282 Ordinary Shares,Β retaining aΒ holding ofΒ 30.59% of theΒ issuedΒ share capitalΒ of the Company. In addition, Peter Stephens, also a director of the Company, acquired 76,923 Ordinary Shares in the Placing and accordingly holds 932,923 Ordinary Shares representing 3.19% of the enlarged share capital.
For further information, please contact:
|
GETECHΒ Group plc |
|
|
Derek Fairhead, Executive Chairman Raymond Wolfson, Chief Executive |
0113 322 2200 |
|
WH Ireland Limited |
|
|
Katy Mitchell |
0161 832Β 2174 |
|
Gary Marshall |
0113 394 6610 |
|
Parkgreen Communications |
|
|
Paul McManus |
020 7933 8787Β |
|
Ben Knowles |
Mob. 07980 541 893 |
Follow the stocks
