News blog
Croma Security Solutions Group
- BY: Andrew Hore |
- POSTED: 27/03/2012 |
Security services provider Croma Group has completed the acquisition of the CSS companies and it has changed its name to Croma Security Solutions Group.
The acquisitions bring security personnel, CCTV, access control and alarm systems businesses. Croma already had asset protection and biometric security businesses. Croma has already been working with the CSS companies.
Croma paid an initial £2m in cash and 3.28m shares. There will be a cash payment dependent on the net assets acquired. Further shares and up to £1.2m in cash will be payable depending on performance.
There was a 50-for-one share consolidation and £575,000 of loan notes were converted into shares.
At 72.5p a share, Croma is valued at £10.5m. This is below the placing price of 75p a share. Net proceeds of the placing were £4.1m.
Roberto Fiorentino of CSS will take over as Croma chief executive.
Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMarch2012_30.pdf
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