Last checked at 11 Dec 2008 08:07
GETECH Group plc
("GETECH" or the "Company")
Completion of Acquisition and Placing
Further to the announcement made on 9 December 2008, GETECH confirms that following receipt of the consideration from the Company by Lisle Gravity Inc, all conditions relating to the acquisition of the assets of Lisle Gravity Inc ("Lisle") by GETECH (the "Acquisition") have been satisfied, and accordingly the Acquisition is now complete.
Commenting on the Acquisition, Peter Stephens, Chairman of GETECH said ""This acquisition by GETECH is its first following our acceptance onto the AIM market. Although any acquisition at this time when the world's financial markets are in turmoil and the oil price is low, 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's US subsidiary, Geophysical Exploration Technology Inc.
Following completion of the Acquisition, the placing of 1,530,461 ordinary shares at a price of 26p to support the acquisition (the "Placing"), also set out in the announcement dated 9 December 2008 is now complete subject only to admission of the Placing Shares to trading on AIM. The Placing, which was oversubscribed, raised £400,000 before expenses.
Application will be made for the Placing Shares to be admitted to trading on AIM and dealing in the Placing Shares is expected to commence on 17 December 2008.
Following the issue of the Placing Shares the total number of ordinary shares of the Company 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, retaining a holding of 30.59% of the issued share capital 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:
| GETECH Group plc | |
| Derek Fairhead, Executive Chairman Raymond Wolfson, Chief Executive | 0113 322 2200 |
| WH Ireland Limited | |
| Katy Mitchell | 0161 832 2174 |
| Gary Marshall | 0113 394 6610 |
| Parkgreen Communications | |
| Paul McManus | 020 7933 8787 |
| Ben Knowles | Mob. 07980 541 893 |