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18 Jun 2009 12:54
18 June 2009
JUDGES SCIENTIFIC plc
("Judges Scientific" or the "Company")
NEW BANK FACILITIES
FOLLOWING THE RECENTLY-ANNOUNCED ACQUISITION OF
QUORUM TECHNOLOGIES LIMITED
On 10 June 2009, Judges Scientific plc, the parent company of a group that specialises in the design, manufacture and sale of scientific instruments, announced that it had completed the acquisition of the entire issued share capital of Quorum Technologies Limited ("Quorum" or the "Acquisition") for a total consideration of up to £1.5 million. The announcement stated that the Acquisition had been financed out of surplus funds, though the Bank of Scotland had agreed (subject to the finalisation of documentation) to make available a £4 million term loan. Of this amount, £3 million would be drawn down to refinance both the acquisition and the Company's existing borrowing, of which approximately £1.7 million remained outstanding. The additional £1 million would be conditionally available to be drawn down in the event of further M&A activity. In addition, a £500,000 overdraft facility would continue to be available to the Company.
The Company now announces that the documentation in relation to the proposed Bank of Scotland facility has been completed as anticipated and that the £3 million term loan referred to above was drawn down on 18 June 2009.
Alex Hambro, Chairman of Judges Scientific, commented: "I am delighted that we have successfully completed the refinancing of our activities and of the Quorum acquisition. This leaves us with a prudent level of financial headroom to support our expanded range of activities and to pursue our strategy of enhancing earnings through the acquisition of niche businesses in our sector."
Enquiries:
David Cicurel, CEO, Judges Scientific: Tel: 01342 323 600
Pascal Keane, Shore Capital: Tel: 020 7408 4090
Melvyn Marckus, Cardew Group: Tel: 07775 896 491
Web sites:
Judges Scientific: www.judges.uk.com
Quorum: www.quorumtech.com
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