TIDMIDEA
RNS Number : 4334D
Ideagen PLC
29 January 2015
Ideagen PLC
("Ideagen" or the "Group")
Unaudited interim results for the six months ended 31 October
2014
Ideagen PLC (AIM: IDEA), a leading supplier of Information
Management software to highly regulated industries, announces its
unaudited interim results for the six months ended 31 October
2014.
Financial Highlights
-- Revenue increased 53% to GBP5.65m (2013: GBP3.70m)
o Underlying organic revenue growth of 10%*
o Recurring revenues represent 86% of the fixed overhead
base
-- Adjusted EBITDA** increased by 23% to GBP1.46m (2013: GBP1.19m)
-- Adjusted PBT*** increased by 18% to GBP1.29m (2013: GBP1.09m)
-- Adjusted diluted EPS*** increased by 20% to 0.84p (2013: 0.70p)
-- Cash generated by operations of GBP0.48m (2013: GBP0.02m)
-- Net cash of GBP2.8m (30 April 2014: GBP4.0m; 31 October 2013: GBP5.3m)
-- Net Assets of GBP14.0m (30 April 2014: GBP13.4m; 31 October 2013: GBP12.8m)
-- 10% increase in interim dividend to 0.055 pence (2013: 0.05 pence)
*Underlying organic growth is calculated by comparing the
results for the current period with the pro-forma results for the
comparative period and excludes revenue generated from the
cancelled VA Prism contract.
**Before share based paymentsof GBP0.09m (2013: GBP0.14m) and
costs of acquiring businesses of GBP0.07m (2013: GBP0.07m).
***Before share based payments of GBP0.09m (2013: GBP0.14m),
costs of acquiring businesses of GBP0.07m (2013: GBP0.07m) and
amortisation of acquisition intangibles of GBP0.68m (2013:
GBP0.36m).
Operational Highlights
-- Acquisition and integration of EIBS Ltd ("EIBS")
strengthening the Group's position in the UK Healthcare sector and
providing the group with leading intranet, portal and mobile
technology
-- Launch of dart/Portal, a Patient Information Portal based on EIBS technology
-- Largest single NHS contract win to date at Doncaster and Bassetlaw NHS Trust worth GBP1m
-- Strong performance in the resurgent nuclear sector
-- Strong account management and customer retention resulting in
support and maintenance contract renewal rate of 97%
Post Period End Highlights
-- Acquisition of Gael Limited ("Gael") for net cash
consideration of GBP18m, transforming the Group's financial,
product and market position
-- New equity funding of GBP17.5m raised in oversubscribed
placing to fund the acquisition of Gael and provide working
capital
David Hornsby, CEO of Ideagen, commented:"We are delighted with
progress made in the first half having met both our growth and
strategic objectives for the period. Recurring revenues remain
strong and we continue to win new contracts. Furthermore, in line
with our strategy of acquiring businesses with strong IP and
recurring revenues, we successfully acquired and integrated EIBS
during the period and, post period end made the transformational
acquisition of Gael, providing the Group with greater scale and an
enhanced product proposition. Current trading remains in line with
market expectations and the Directors look to the future with
confidence."
Enquiries:
Ideagen plc
David Hornsby, Chief Executive 01629 699100
Graeme Spenceley, Finance Director 01629 699100
finnCap Limited 0207 220 0500
Charlotte Stranner (Corporate Finance)
Victoria Bates / Stephen Norcross (Corporate
Broking)
Chief Executive's Statement
I am pleased to announce our results for the six months ended 31
October 2014. Overall, the period saw further progress for the
Group through continued organic revenue and profit growth and a
further acquisition. There was continued investment in product
development, sales resource and additional management alongside
revenue growth of 53%, adjusted EBITDA growth of 23% and adjusted
diluted EPS growth of 20%.
The focus of the Group remains the design and supply of
Information Management software to organisations that operate
within highly regulated industries.
The Group has established a global business supplying
Governance, Risk and Compliance (GRC) solutions, predominantly to
the Healthcare, Complex Manufacturing, Banking and Finance and the
Aviation Sectors. The Group has, in parallel, leveraged its core
technology and has acquired capability to build a UK business
supplying content and clinical management solutions predominantly
to the NHS.
Each of the Group's chosen markets require robust information
systems and exhibit a high consequence of error should data and
processes be compromised.
In June 2014, the Group completed the acquisition of EIBS Ltd
("EIBS"), a supplier of Intranet, Portal, and Mobile solutions.
EIBS has annual revenues of approximately GBP1.4m of which GBP0.9
million is recurring, and in excess of 140 customers including 40
NHS Trusts.
Prior to the acquisition of EIBS, the Directors had identified a
need to develop an Information Portal to enhance the Groups NHS
proposition. EIBS has now been integrated into the Group and its
technology underpins the Group's portal and mobile product roadmap
whilst adding a valuable customer base generating recurring
revenues.
The Group continues to benefit from robust recurring revenues
across the business and has invested in additional resources to
manage the customer base resulting in a maintenance and support
renewal rate of 97%. Recurring revenues now represent 56% of our
software and services revenue and cover 86% of the fixed overhead
base.
Events after the end of the period
On 13 January 2015 the Group announced that it had completed the
acquisition of Gael, a software company that provides solutions to
help organisations manage Governance, Risk and Compliance (GRC)
requirements, for net cash consideration of GBP18 million. The
acquisition of Gael will enable further consolidation of the
Group's current manufacturing and healthcare sectors and provides a
strong entry point into the aviation sector all of which are
subject to increasing regulatory pressures.
In order to part fund the initial cash consideration for the
acquisition of Gael, the Company issued 51,470,589 new ordinary
shares at 34 pence per share in a share placing which was completed
on 9 January 2015. The gross proceeds of the placing before
commissions and costs were GBP17.5 million.
Gael has a well dispersed customer base of over 1,000 customers
and has a number of blue chip clients, including Emirates, BAE
Systems, Dairy Crest and the NHS. The acquisition is in line with
the Group's strategy of acquiring complementary businesses that
have strong IP and significant recurring revenues. The addition of
Gael to the Group has transformed our scale, market position and
product capability.
Governance, Risk and Compliance (GRC)
For our customers, GRC represents a key corporate initiative for
improving governance through more effective compliance and a
clearer understanding of the impact of risk on business
performance. The Group's expertise is the development and
implementation of software tools that enable our customers to
identify, assess and prioritise risk and to manage information to
comply with regulations.
Highly regulated organisations are obliged to demonstrate
compliance with industry standards, regulations and KPIs which acts
as a compelling driver for investment in the Group's products.
Increasingly such organisations are also required to demonstrate
that they have the tools in place to proactively monitor and assess
their operations to ensure that they can respond quickly to
potential risks. The Group has made significant investment in
R&D over the past few years as it has developed new products to
meet the demand for "risk based compliance" solutions for its
target markets.
The strict management of crucial content has been a core
competence of the Group for a number of years and, following the
recent acquisitions of Pentana Ltd and Gael, we can now combine
audit and risk capability together with formal document control and
business process management in the areas of competency, incident
reporting and corrective action planning. This provides the Group
with a broader integrated GRC proposition which we believe will be
of interest to our enlarged customer base.
The Group's capability within GRC can be divided into four
areas:
1. Risk Management
Identification and mitigation of risks is of increasing
importance in almost every organisation, but given recent disasters
and legal actions, having a reliable system of risk management is
particularly important in the finance, pharmaceutical, energy and
aviation sectors. The Group has been successfully supplying
software to these sectors for many years. Customers include banks
which need to demonstrate a system of operational risk management
for compliance with Basel II and aviation companies that need to
pro-actively assess risk in real time to improve safety.
2. Standards/Quality Compliance
The Group's solutions are used by companies to help them
maintain compliance with internationally recognised standards and
internal business processes. There are over 19,000 ISO standards
which are published by the International Organisation for
Standardisation.
Whilst the Group's software covers a number of specific
standards relating to health and safety, information security and
environmental compliance, the main standards which the Group's
products help customers comply with are based around ISO9000
Quality Management. The ISO9000 family of standards are related to
quality management systems and are designed to ensure that
organisations meet the needs of customers and other
stakeholders.
In the Directors' experience, successful Quality Management can
improve business performance, often driving a positive effect on
investment, market share growth, sales growth, margin expansion,
increased competitive advantage and the avoidance of
litigation.
3. Audit Management
As the GRC "third line of defence" after risk management and
policy oversight, audit teams and the Audit Committees to which
they report have a vital role in providing continued assurance on
the governance of organisations. In providing that assurance,
auditors of global organisations have to operate in situations
where the technology may be slow or only allow occasional on-line
working. The Group's audit management software uses the latest
technologies to ensure that auditors can keep working effectively
in global environments, while allowing central management reporting
and review of their work on a single global database.
4. Audit Compliance
With its focus on the audit profession, Pentana has brought to
the Group an added dimension in audit and financial regulatory
compliance. 18 of the top 25 UK accounting firms use the Pentana
Disclose(TM) software to ensure that their client's financial
statements conform to UK disclosure requirements and this market
position is also reflected in use of the software for compliance
with International Financial Reporting Standards internationally.
Pentana software is also used by audit regulators around the world
to ensure that accounting firms of all sizes comply with the
International Standards on Auditing.
Content and Clinical Solutions
The Directors believe that the UK healthcare market represents a
significant growth opportunity for the Group following the
dismantling of the NHS National Programme for IT ("NPfIT"). Many of
the current IT drivers within the NHS are focused on improving
healthcare governance through the implementation of more robust
Information Management systems with the objective of improving
service levels and patient care.
Through the acquisitions of Plumtree, MSS and EIBS, the Group
has established a significant footprint in the UK Healthcare
sector. The failure of the National Programme for IT to deliver an
integrated patient records solution has provided an opportunity for
agile vendors to provide point solutions to address specific
information challenges.
This opportunity has been confirmed by Jeremy Hunt, Minister of
State for Health, who has set objectives for a paperless NHS by
2018 with a budget being made available to achieve this. This
strategy is supported by a funded programme aimed at improving
information governance and reducing patient risk whilst delivering
cost savings through the implementation of a digital patient
record.
The Directors estimate that only approximately 30% of the 192
NHS Trusts in the United Kingdom have implemented a trust-wide
Patient Document Repository and therefore believe that there is a
significant market opportunity over the coming years.
To date the Group has supplied eleven NHS Trusts in England and
Scotland with a trust-wide solution to integrate patient documents
across departments. Typically these solutions represent a major
long term investment for a Trust and represent a significant
increase in transaction value for the Group.
Following the acquisition of EIBS, the Group now has a further
opportunity to supply Trust wide Information Portals to provide a
single view of Patient Information fed from multiple data
sources.
The Group is therefore now focused on providing digitised
solutions in six key areas:
1) Clinical Enterprise Document Repository
2) Clinical Electronic Forms and Workflow
3) Clinical Enterprise Portal to provide a single patient view
4) Order communications to provide automated ordering of services between GPs and Hospitals
5) Emergency Department Management
6) Mobile Solutions
The primary market for these solutions are the 166 Acute Trusts
within England, the 14 Regional Health Boards in Scotland, 7 Local
Health Boards in Wales and 5 Health Trusts in Northern Ireland. The
Group has also identified an emerging opportunity for Order
Communications software at hospitals in the Benelux region and
private laboratories within the UK.
Staffing and Infrastructure
The Group has implemented a fully integrated Group structure
with functions covering Sales and Marketing, Customer Services and
Support, Research and Development and Finance and Administration
and a member of each function is represented on the executive
management team.
Following the acquisition of Gael the Group currently has 243
employees across the following functions: Sales and Marketing - 60,
Customer Services and Support - 78, Research and Development - 79,
Finance and Administration - 24, Executive Directors 2.
Current Trading & Outlook
The Group has a solid platform of contracted recurring and
project revenue and a strong pipeline of new sales opportunities.
The Board is therefore confident that the Group's momentum and
enhanced scale following the Gael acquisition will continue to
deliver strong and profitable growth this year and beyond.
David Hornsby
Financial Review
Revenue for the six months ended 31 October 2014 increased by
53% to GBP5.65m (2013: GBP3.70m). Within this, underlying organic
revenue growth was 10% based on a comparison of revenue in the
current period with pro-forma revenue for the comparative period
adjusted to include the EIBS, Pentana and MSS acquisitions for the
same time period and excluding revenue generated from the cancelled
VA PRISM contract of GBP273,000 in the 6 months to 31 October
2013.
Adjusted EBITDA increased by 23% to GBP1.46m (2013: GBP1.19m).
Amortisation of acquisition intangibles of GBP0.68m (2013:
GBP0.36m) represents the majority of the total depreciation and
amortisation charge of GBP0.85m (2013: GBP0.47m).
The adjusted group tax charge of GBP0.20m (2013: GBP0.20m),
excluding the deferred tax credit of GBP0.13m (2013: GBP0.07m) on
amortisation of acquisition intangibles, benefitted from lower tax
rates and R&D tax credits. This represents 16% (2013: 19%) of
adjusted PBT of GBP1.29m (2013: GBP1.09m).
As a result of the above, adjusted diluted earnings per share
increased by 20% to 0.84p (2013: 0.70p).
The Group's financial position has continued to strengthen with
net assets increasing to GBP14.0m at 31 October 2014 (30 April
2014: GBP13.4m; 31 October 2013: GBP12.8m). Intangible assets
increased to GBP13.4m (30 April 2014: GBP11.8m; 31 October 2013:
GBP8.6m) mainly through business acquisitions. Net current assets
at 31 October 2014 were GBP1.79m (30 April 2014: GBP2.6m; 31
October 2013: GBP4.73m), the reduction resulting primarily from the
utilisation of the Group's cash balances to make business
acquisitions.
Cash balances at 31 October 2014 were GBP2.8m (30 April 2014:
GBP4.0m; 31 October 2013: GBP5.3m). Cash generated by operations
for the 6 months to 31 October 2014 amounted to GBP0.48m (2013:
GBP0.02m). Cash generation in the period was adversely affected by
cash outflows connected with unusually high hardware purchases
towards the end of the financial year ended 30 April 2014. The net
cash outflow on the acquisition of EIBS during the period was
GBP1.26m.
Events after the end of the reporting period
On 13 January 2015, Ideagen acquired the whole of the issued
share capital of Gael Limited ("Gael"), a company domiciled in
Scotland. The initial cash consideration at completion was
GBP17.7m. Gael had approximately GBP2.9m of cash reserves at
completion, so the initial net cash consideration was approximately
GBP14.8m. Two further cash payments of GBP1.6m each are due on the
first and second anniversaries of the completion date.
In order to part fund the initial cash consideration for the
acquisition of Gael, the Company issued 51,470,589 new ordinary
shares at 34 pence per share in a share placing which was completed
on 9 January 2015 on the admission of these shares to trading on
AIM. The gross proceeds of the placing before commissions and costs
were GBP17.5m.
Dividend
The Directors intend to increase the interim dividend by 10% to
0.055 pence per share (2013: 0.05 pence per share). The dividend
will be paid on 11 March 2015 to shareholders on the register on 20
February 2015. The corresponding ex-dividend date is 19 February
2015.
Graeme Spenceley - Finance Director
Ideagen plc
Consolidated Statement of Comprehensive Income for the six
months ended 31 October 2014
Six months Six months
ended ended
31 October 31 October
2014 2013
GBP'000 GBP'000
Revenue 5,653 3,704
Cost of sales (949) (589)
Gross profit 4,704 3,115
Operating costs (3,247) (1,923)
----------- -----------
Profit from operating activities before depreciation,
amortisation,
share-based payment charges and exceptional
items 1,457 1,192
Depreciation and amortisation (847) (469)
Share-based payment charges (85) (142)
Costs of acquiring businesses (74) (72)
----------- -----------
Profit from operating activities 451 509
Finance income 2 6
----------- -----------
Profit before taxation 453 515
Taxation expense (75) (137)
----------- -----------
Profit for the period 378 378
Other comprehensive income
Exchange differences on translating foreign
operations 13 (7)
Total comprehensive income for the period
attributable to the owners of the parent
company 391 371
=========== ===========
Earnings per share Pence Pence
Basic 0.31 0.31
Diluted 0.29 0.30
Ideagen plc
Consolidated Statement of Financial Position at 31 October
2014
31 October 30 April 31 October
2014 2014 2013
GBP'000 GBP'000 GBP'000
Assets and liabilities
Non-current assets
Intangible assets 13,419 11,807 8,616
Property, plant and equipment 202 166 176
Deferred income tax assets 171 173 186
----------- --------- -----------
13,792 12,146 8,978
----------- --------- -----------
Current assets
Inventories 96 389 -
Trade and other receivables 4,024 3,637 3,020
Cash and cash equivalents 2,806 4,011 5,273
----------- --------- -----------
6,926 8,037 8,293
----------- --------- -----------
Current liabilities
Trade and other payables 1,623 2,421 1,495
Contingent consideration on business
combinations 327 327 25
Current income tax liabilities 492 283 430
Deferred revenue 2,697 2,356 1,565
Deferred consideration on business
combinations - 50 50
----------- --------- -----------
5,139 5,437 3,565
----------- --------- -----------
Non-current liabilities
Deferred income tax liabilities 1,611 1,377 911
----------- --------- -----------
Net assets 13,968 13,369 12,795
=========== ========= ===========
Ideagen plc
Consolidated Statement of Financial Position at 31 October 2014
(continued)
31 October 30 April 31 October
2014 2014 2013
GBP'000 GBP'000 GBP'000
Equity
Issued share capital 1,229 1,219 1,219
Share premium 6,983 6,870 6,870
Merger reserve 1,167 1,167 1,167
Share-based payments reserve 635 596 453
Retained earnings 3,944 3,520 3,086
Foreign currency translation reserve 10 (3) -
Equity attributable to owners of
the parent 13,968 13,369 12,795
=========== ========= ===========
Ideagen plc
Consolidated Statement of Cash Flows for the six months ended 31
October 2014
Six months Six months
ended 31 October ended 31 October
2014 2013
GBP'000 GBP'000
Cash flows from operating activities
Profit for the period 378 378
Depreciation of property, plant and
equipment 60 53
Amortisation of intangible non-current
assets 787 416
Business acquisition costs in profit
or loss 74 72
Share-based payment charge 85 142
Finance income recognised in profit
or loss (2) (6)
Taxation charge recognised in profit
or loss 75 137
Net foreign exchange loss in profit
or loss (1) 8
Decrease in inventories 293 -
(Increase) in trade and other receivables (36) (1,051)
(Decrease) in trade and other payables (1,059) (205)
(Decrease)/increase in deferred revenue (173) 74
----------------- -----------------
Cash generated by operations 481 18
Interest received 2 7
Income tax repaid/(paid) 64 (77)
Business acquisition costs paid (146) (72)
----------------- -----------------
Net cash generated/(used) by operating
activities 401 (124)
----------------- -----------------
Cash flows from investing activities
Payments of deferred consideration on
business combinations (50) (106)
Net cash outflow on acquisition of businesses
net of cash acquired (1,259) (589)
Payments for development costs (368) (238)
Payments for property, plant and equipment (65) (30)
Net cash used by investing activities (1,742) (963)
----------------- -----------------
Cash flows from financing activities
Proceeds from issue of shares under
share option scheme 123 5
Net cash generated by financing activities 123 5
----------------- -----------------
Net decrease in cash and cash equivalents
during the period (1,218) (1,082)
Cash and cash equivalents at the beginning
of the period 4,011 6,372
Effect of exchange rate changes on cash
balances held in foreign currencies 13 (17)
Cash and cash equivalents at the end
of the period 2,806 5,273
----------------- -----------------
Ideagen plc: Consolidated Statements of Changes in Equity
Share Share Merger Share-based Retained Foreign Total
capital premium Reserve payments earnings currency attributable
reserve translation to owners
reserve of the parent
-------- -------- -------- ----------- --------- ------------ --------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
For the six months to
31 October
2014
At 1 May 2014 1,219 6,870 1,167 596 3,520 (3) 13,369
Profit for the period - - - - 378 - 378
Share-based payments - - - 85 - - 85
Shares issued under
share option
scheme 10 113 - - - - 123
Transfer on exercise
of share
options - - - (46) 46 - -
Other comprehensive
income for
the period - - - - - 13 13
-------- -------- -------- ----------- --------- ------------ --------------
At 31 October 2014 1,229 6,983 1,167 635 3,944 10 13,968
======== ======== ======== =========== ========= ============ ==============
For the six months to
31 October
2013
At 1 May 2013 1,217 6,867 1,167 313 2,706 7 12,277
Profit for the period - - - - 378 - 378
Share-based payments - - - 142 - - 142
Shares issued under
share option
scheme 2 3 - - - - 5
Transfer on exercise
of share
options - - - (2) 2 - -
Other comprehensive
income for
the period - - - - - (7) (7)
-------- -------- -------- ----------- --------- ------------ --------------
At 31 October 2013 1,219 6,870 1,167 453 3,086 - 12,795
======== ======== ======== =========== ========= ============ ==============
Ideagen plc: Consolidated Statement of Changes in Equity for the
year ended 30 April 2014
Share Share Merger Share-based Retained Foreign Total
capital premium reserve payments earnings currency attributable
reserve translation to owners
reserve of the
parent
-------- -------- --------- ----------- --------- ------------ -------------
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 May 2013 1,217 6,867 1,167 313 2,706 7 12,277
Shares issued under
share option
scheme 2 3 - - - - 5
Profit for the year - - - - 873 - 873
Other comprehensive
income for
the year - - - - - (10) (10)
Share-based payments - - - 285 - - 285
Transfer on exercise
of share
options - - - (2) 2 - -
Equity dividends paid - - - - (61) - (61)
Balance at 30 April
2014 1,219 6,870 1,167 596 3,520 (3) 13,369
======== ======== ========= =========== ========= ============ =============
Ideagen plc
Notes to the interim financial information
1 Basis of information
The interim financial information for the 6 months ended 31
October 2014 and the six months ended 31 October 2013 included in
this announcement is unaudited. The financial information for the
year ended 30 April 2014 included in this announcement does not
constitute the annual report and accounts of the Company for the
year ended 30 April 2014 within the meaning of section 434 of the
Companies Act 2006. The audited annual report and financial
statements of the Company for the year ended 30 April 2014 has been
filed with the Registrar of Companies. The auditor's report on
those financial statements was unqualified and did not contain any
statement under section 498 (2) or (3) of the Companies Act 2006
and did not include references to any matters to which the auditor
drew attention by way of emphasis. Consistent accounting policies
have been applied in the preparation of this information unless
otherwise stated below.
2 Earnings per share information
Basic earnings per share is calculated by dividing the profit
for the period attributable to the owners of the Company
('Earnings') by the weighted average number of ordinary shares
outstanding during the period. Diluted earnings per share is
calculated by dividing Earnings by the weighted-average number of
ordinary shares outstanding during the period as adjusted for the
effect of all potentially dilutive shares, including share
options.
In order to better demonstrate the performance of the Company,
adjusted earnings per share calculations have also been presented
which take into account items typically adjusted for by users of
financial statements. The adjusted earnings and earnings per share
information are shown below.
Earnings per share information Six months Six months
ended 31 ended 31
October October
2014 2013
GBP'000 GBP'000
Profit for the period (Earnings) 378 378
Adjustments:
Share-based payment charges 85 142
Deferred taxation on share-based payment charges 2 -
Costs of acquiring businesses 74 72
Amortisation of acquired intangibles 679 365
Deferred taxation on amortisation of acquired
intangibles (131) (68)
------------ ------------
Adjusted earnings 1,087 889
Adjusted tax charge 204 205
------------ ------------
Adjusted profit before taxation 1,291 1,094
------------ ------------
Weighted average number of shares 122,625,927 121,757,776
Diluted weighted average number of shares 129,543,520 126,895,594
Basic earnings per share 0.31 pence 0.31 pence
Diluted earnings per share 0.29 pence 0.30 pence
Basic adjusted earnings per share 0.89 pence 0.73 pence
Diluted adjusted earnings per share 0.84 pence 0.70 pence
3 Events after the end of the reporting period: Share placing and acquisition of a business
On 13 January 2015, Ideagen plc acquired the whole of the issued
share capital of Gael Limited ("Gael"), a company domiciled in
Scotland. The acquisition of Gael is expected to enhance the
group's existing business through the addition of strong IP in the
area of Governance, Risk and Compliance ("GRC") together with
significant recurring revenues. The acquisition will enable further
consolidation of the sectors within which the Group currently
operates, namely healthcare and manufacturing, together with a
strong entry point into the aviation sector.
The initial cash consideration at completion was GBP17.7
million. Gael had approximately GBP2.9 million of cash reserves at
completion, so the initial net cash consideration was approximately
GBP14.8 million. Two further cash payments of GBP1.6 million each
are due on the first and second anniversaries of the completion
date.
Some aspects of the initial accounting for the acquisition and
in particular an assessment of the fair value of the intangible
assets acquired in the business combination have not yet been
completed and accordingly information has not been presented on
assets and liabilities assumed at the date of acquisition.
In order to part fund the initial cash consideration for the
acquisition of Gael, the Company issued 51,470,589 new ordinary
shares at 34 pence per share in a share placing which was completed
on 9 January 2015 on the admission of these shares to trading on
AIM. The gross proceeds of the placing before commissions and costs
were GBP17.5 million.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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