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Vipera

  • BY: Andrew Hore |
  • POSTED: 30/12/2013 |

Mobile financial services provider Vipera is acquiring a 51% stake in software consultancy Advance Codd & Date for 956,250 in shares at 5p each.

AC&D will bring contacts with the Italian banking sector. In 2012, it generated a profit of 92,000 on revenues of 2.6m. Revenues rose to 3.1m in the nine months to September 2013. Vipera has previously outsourced operations that can be done by AC&D. Vipera is 15% of AC&D’s revenues.

Deferred consideration of 319,000, at 5p a share, will be due in 2014. Ammiro2K will receive a total of 6.375m shares as part of the deal and unlike the other shareholders it is not locked-in for one year.

A subscription at 5p a share will raise 514,500. There are also plans to convert shareholder loans into shares. There may be additional shares issued if there is further demand from investors. Shareholder and director loans of up to 790,000 could be converted into shares or used to exercise warrants but the details have not been finalised.

The share issue is at a large discount to the share price. At 7.13p a share, down 0.25p, Vipera is valued at 11.2m.

The cash will be used to finance recruitment of additional sales personnel.

Download the latest AIM Journal from http://wwww.hubinvest.com/AIMPDFDecember2013_51.pdf

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