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Southern Bear
- BY: Andrew Hore |
- POSTED: 04/01/2008 |
Engineering and support services provider Southern Bear is buying electronic equipment and components distributor Phoenix Dynamics for up to £1.5m.
Stoke-on-Trent-based Phoenix’s customer list includes the US Department of Defense. In the year to March 2007, Phoenix made profits of £333,000 on sales of £1.38m. Southern Bear believes that the acquisition will help to diversify its industrial division.
Southern Bear is paying an initial £1.25m - £250,000 in cash and the rest in shares. The shares are being issued at a notional price of 4p, compared with the market price of 3.25p - the bid/offer spread is 2.75p/3.75p. Phoenix has to make profits of more than £400,000 in the year to March 2008 in order to receive the full £250,000 of deferred consideration. It needs to make more than £330,000 to trigger any additional payment.
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