IS Solutions plc completed the acquisition of remaining 89% majority stake in Celebrus Technologies Limited.
For the financial year ending December 31, 2013, Celebrus generated revenues of £1.9 million and made a loss after tax of £0.8 million. A General Meeting of IS Solutions will be held on January 20, 2015 at 10.00 a.m. at which the transaction will have to be approved by a three-fourths majority of those voting to vote in favour of the transaction. The terms of the acquisition have been unanimously approved by the Independent Directors of both IS Solutions and Celebrus Technologies. Irrevocable undertakings to vote in favour of the resolution are being secured from the Directors and certain existing Shareholders in aggregate representing 75% of the existing issued ordinary share capital of IS Solutions. Under the agreement, application will be made to the London Stock Exchange for the consideration shares to be admitted to trading on AIM. As on January 20, 2015, the shareholders of IS Solutions plc approved the transaction. The transaction is expected to complete on January 23, 2015. As of January 22, 2015, an additional exercise of options were made and the final shares to be issued in consideration was decided to be 8.95 million with the revised deal value now being £6.94 million.
Fiona Tooley of TooleyStreet Communications Ltd. acted as the public relations advisor, Ed Frisby and Simon Hicks of FinnCap Ltd. and Paul Lines and Tom Battersby of Altium Capital Limited acted as the financial advisors to IS Solutions plc. Stephen Norcross of FinnCap acted as corporate broker to IS Solutions.
IS Solutions plc (AIM:ISL) completed the acquisition of remaining 89% majority stake in Celebrus Technologies Limited January 29, 2015.