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Pentagon Protection
- BY: Andrew Hore |
- POSTED: 31/10/2010 |
Safety and security films supplier Pentagon Protection is buying a US business from its chairman Haytham ElZahn.
International Glass Solutions provides the same type of films as Pentagon and is managed by Pentagon’s non-executive director Patric Fransko, who will become chief executive. Steve Chambers will be chief operating officer.
The payment for IGS will be in shares and is based on sustained profitability. The maximum consideration is £1m, with £200,000 – 80m shares at 0.25p each - payable on completion. The rest of the payment is based on profit over the next 24 months. If ElZahn’s stake would go above 29.9% then the additional consideration will be paid in cash rather than shares.
ElZahn is providing Pentagon with a £250,000 working capital facility, secured on the company’s stake in its subsidiary SDS, a supplier of security equipment.
At 0.24p a share, Pentagon is currently valued at £1.92m. The shares have risen by nearly one-third in the past month.
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