News blog
Mobile Doctors Group
- BY: Andrew Hore |
- POSTED: 03/07/2008 |
Mobile Doctors Group is making an acquisition that will double its size.
The medico-legal reports provider has agreed heads of terms to buy the rival. This should enable the enlarged group to cut costs.
A new company, Mobile Doctors Holdings plc, is being incorporated to raise cash from institutional investors. It will then acquire Mobile Doctors Group as well as the other company. This rather convoluted way of going about the deal is due to the fact that Mobile Doctors Group isn’t eligible for VCT and EIS investment because its gross assets are too high. A new company prior to acquiring either business would be eligible.
Mobile Doctors reversed into cash shell Petsome, which was quoted on Aim until October 2006 at which point its quotation was cancelled along with the other small shells. Mobile Doctors rejoined Aim on 18 July 2007 at a notional deal price of 80p a share.
If Mobile Doctors Group made the acquisition it would constitute a reverse takeover. The shares fell 1p to 43p prior to their suspension.
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