News blog
Accumuli
- BY: Andrew Hore |
- POSTED: 23/11/2011 |
Philip Ineson, one of the two men that sold Boxing Orange to Accumuli, has sold part of the shareholding he received less than eight months after the deal was announced.
Ineson sold 2.86m shares in managed IT security services provider Accumuli at 8.375p each - equal to the current market price - on 22 November. That raised just over £239,000 but it still leaves him with 11.04m shares, equivalent to 7.8% of Accumuli.
The initial consideration for Boxing Orange was £5.4m, paid in the form of £2.73m in cash and 31.4m shares at a notional price of 8.75p each.
Six months later, Accumuli discovered financial anomalies in the accounts of Boxing Orange. Liabilities were understated in the Boxing Orange balance sheet and its financial controller has been dismissed. There is a police investigation. The £500,000 understatement of liabilities lead to an adjustment of goodwill in the Accumuli accounts. The maximum deferred consideration was subsequently reduced from £2.1m to £1.3m.
The other Boxing Orange vendor J Potter still owns 17.5m Accumuli shares, equivalent to 12.4% of the company.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFNovember2011_26.pdf
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