Last checked at 27 Feb 2009 08:45
27 February 2009 AIM: AVI
Avisen plc
("Avisen" or "the Company")
Acquisition of the business and assets of Wexner Global Limited
Avisen, the AIM quoted performance management specialist, announces that the Company has today entered into an agreement to acquire the business and certain assets of Wexner Global Limited ("Wexner"), a strategy and performance management consultancy firm. The total consideration of £120,000 is being satisfied by the issue of 888,889 new ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 13.5 pence per share, equivalent to the closing middle market price of the Ordinary Shares on 26 February 2009. Wexner's management accounts for the year-ended 31 December 2008 show a profit after tax of £71,903 on turnover of £1,134,137. The total value of the assets as at that date was £216,689.
Wexner has a successful history of working with blue chip clients to develop and implement their strategy. It works with them, with the aim of improving their profitability through increased productivity and cost reduction, transforming both their finance and their operational functions. The purchase of Wexner's assets, including its industry know-how and contacts, not only provides Avisen with access to Wexner's client base, but augments the Company's ability to provide high-end consulting and advisory services.
Jonathan Hill, who graduated from Cambridge University with an engineering degree and holds an MBA from Warwick Business School MBA, co-founded Wexner in 2002. On completion of the acquisition, Jonathan will join Avisen as Head of Advisory Services. He is the only employee of Wexner that will join Avisen, but will bring a network of consulting contractors with him.
Application has been made for 888,889 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 5 March 2009. Following the issue of these shares, the Company will have a total of 111,301,435 Ordinary Shares in issue.
Marcus Hanke, CEO of Avisen, commented:
"The acquisition of Wexner will bring considerable opportunities to the Company and we are pleased to welcome Jonathan to the team. Wexner's client base will be enhanced with our software tools and it will help to create solid ongoing revenue opportunities for Avisen. This deal is the first of what the Board hopes will be a number of acquisitions, subject to due diligence and price, to be made in what promises to be an exciting year."
For further information, please contact:
| Avisen plc | |
| Marcus Hanke (CEO) Duncan Neale (CFO) | Tel: +44 (0)870 880 2978 |
| Nominated Adviser and Broker: John East & Partners Limited | |
| Bidhi Bhoma | Tel: +44 (0) 20 7628 2200 |
| Financial PR: Bishopsgate Communications | |
| Jenni Herbert Siobhra Murphy avisen@bishopsgatecommunications.com | Tel: +44 (0) 20 7562 3355 |
Notes to Editors:
Avisen is a business and technology consultancy specialising in performance management with a focus on strategy creation, development and implementation. It provides advisory services and software distribution of solutions in the corporate performance management market. Avisen aims to provide specialist advice to enable organisations to build more effective capabilities to manage the performance of their businesses and allow them to achieve their desired targets.
Avisen has offices based in London, Amsterdam and Johannesburg and employs over 40 permanent staff, in addition to using the services of consultants and contractors on an ad hoc / project based basis.