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.
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