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London, UK, November 18th 2013 — /BackupReview.info/ — Redcentric plc (AIM:RCN.L), a leading end to end managed service provider delivering innovative technology to improve business productivity and efficiency, is pleased to announce it has agreed subject, inter alia, to Shareholder approval at the General Meeting, to acquire the entire issued share capital of InTechnology Managed Services Limited, the wholly owned subsidiary of InTechnology plc, for £65 million payable in cash at Completion.
The Consideration will be partly funded by way of a placing of 80,000,000 Placing Shares at a price of 80 pence per Placing Share with certain institutional investors to raise £64 million (before expenses), with the remainder being financed by an increase in the Company’s existing banking facilities.
In view of the size of the Transaction, the Acquisition is classified as a reverse takeover under the AIM Rules and is therefore conditional, inter alia, on the approval of Shareholders. Such approval is being sought at the General Meeting to be held at the offices of DAC Beachcroft LLP, 100 Fetter Lane, London EC4A 1BN at 10.30 a.m. on 5 December 2013. The Company has received irrevocable commitments to vote in favour of the Resolutions in respect of beneficial holdings totalling 46.3 per cent. of the issued share capital of the Company.
Tony Weaver, CEO of Redcentric said:
Peter Wilkinson, CEO of InTechnology added:
An admission document is being sent to all shareholders which sets out the background to and reasons for the Acquisition and the Placing and explains why the Directors consider that the Transaction is in the best interests of the Company and its shareholders as a whole and recommend that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting, notice of which is set out at the end of the Admission Document.
Definitions used in this announcement carry the same meaning as set out in the Admission Document.
Learn more about Redcentric and InTechnology Managed Services and why Redcentric are making the acquisition:
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