Acquisition Update
2008年4月2日 - 12:00AM
RNSを含む英国規制内ニュース (英語)
Ekay PLC
Acquisition of WFCA Integrated Limited ("WFCA") - update
Further to the announcement made on 14 March 2008 ("Announcement") by Ekay PLC
("Ekay" or the "Company"), the Company is pleased to announce that the terms of
the debt financing facilities required to partially finance the acquisition of
the whole of the issued share capital of WFCA ("Acquisition") have been agreed
(the "Debt Facility").
The Debt Facility will, taking into account the anticipated net proceeds of the
placing of new ordinary shares in Ekay referred to in the Announcement, permit
the completion of the Acquisition and assist in providing, in the opinion of
the directors of the Company, sufficient working capital for the Company and
its subsidiaries following completion of the Acquisition. The availability of
funds under the Debt Facility is subject to the satisfaction of certain
conditions which are required to be satisfied before the Debt Facility can be
drawn down. Subject to the satisfaction of such conditions, it is intended that
the Debt Facility will be drawn down at completion of the Acquisition
("Completion") following approval of an increase of the Company's borrowing
powers which is to be proposed at the General Meeting of the shareholders of
Ekay to be held on 2nd April 2008 ("GM").
As part of the terms of the Acquisition, two of the vendors of the entire
issued share capital of WFCA, Michael Richards and Rodger Braidwood, have
chosen to take an aggregate of �1 million of the cash consideration due to them
at Completion in the form of loan notes to be issued by Ekay at Completion
("Loan Notes"). The Loan Notes will bear interest at 3 per cent over the Bank
of Scotland base rate from time to time and will be repaid by the Company in
five equal instalments on the dates falling 12, 18, 24, 30 and 36 months after
Completion. The Company may elect to repay the Loan Notes earlier without
penalty.
A further announcement will be made once the GM has been held.
1st April 2008
Enquiries:
Ekay PLC 0147 433 4343
Eddie Powell, Chief Executive
Daniel Stewart & Company Plc 020 7776 6550
Simon Leathers / Simon Starr
Nexus Financial Ltd 020 7451 7050
Nicholas Nelson / Kathy Boate
END
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