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Clinical Computing
- BY: Andrew Hore |
- POSTED: 18/02/2008 |
Clinical Computing is buying the business and assets of Program Management Group from its administrators.
Clinical’s chairman Howard Kitchener is also a director and shareholder of PMG, which has 50 customer contracts.
Clinical will pay an initial £16,000 but it could pay a further £2.5m based on the future performance of the business. It will be payable when Clinical publishes its accounts for 2015 or earlier if PMG is sold.
Leeds-based PMG supplies project management and resource planning software to industry and the public sector. In 2007 it lost £1.1m on revenues of £1.3m. It over expanded its cost base and administrators were appointed on 15 February 2008.
Clinical raised £545,000 before expenses at 3.125p a share. That is above the market price of 2.88p.
PMG is in a different area to Clinical but it will help it grow its market capitalisation and become more attractive to investors.
At 2.88p, Clinical is currently worth £2.69m.
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