Last checked at 29 May 2013 12:25
29 May 2013
1Spatial plc
("1Spatial" or the "Company")
Acquisition of an additional 14.86% of Star-Apic
1Spatial plc (AIM:SPA), the Spatial Big Data Company, has entered into a conditional agreement to purchase a further 14.86% of the issued share capital of Star-Apic from Meusinvest S.A ("Meusinvest"), based on the same valuation terms as the initial purchase agreement, announced on Friday 24 May of its intention to acquire 75.14% of the Company.
The additional share purchase is conditional upon, inter alia, the passing of the Resolutions by the Company's shareholders at the General Meeting (to be held at 10.00 a.m. on 12 June 2013 at the offices of Brown Rudnick LLP, 8 Clifford Street, London W1S 2LQ), the completion of the Acquisition of 75.14% of Star-Apic as detailed in the Company's Circular dated 24 May and the signing of a new shareholders' agreement between the Company and Meusinvest. If the conditions are satisfied, this will take the Company's total holding in Star-Apic to 90.00%. Meusinvest will keep a 10.00% shareholding and a representative on the Board of Star-Apic.
Star-Apic is a leading European provider of Geographic Information Systems ("GIS") software and solutions, specialising in land and infrastructure management. It is headquartered in Belgium, with offices in France and the UK. Its software is used to create, manage, analyse and display geospatial data. 1spatial's Directors believe Star-Apic is an important and highly complementary bolt-on acquisition for the Company, significantly enhancing the Company's capability in the rapidly growing Big Data market.
Capitalised terms used in this announcement have the meanings given to them in the Circular.
For further information please contact:
1Spatial plc | 020 7382 8952 |
Marcus Hanke / Claire Milverton | |
FTI Consulting | 020 7831 3113 |
Sophie McMillan / Lucy Delaney | |
Nplus1 Singer | 020 7496 3000 |
Shaun Dobson / Matthew Thomas |