* To sell substantially all its business for 3.2 mln stg
* To change name to Accumuli
* Shares down 1.4 percent
(Adds details)
May 4 (Reuters) - NetServices Plc, a managed networking service provider, agreed to sell substantially all its business to GCI Telecom Group Ltd for 3.2 million pounds ($4.9 million) in cash.
The company said the disposal of its WAN Services Ltd and the trade and assets of NetServices would also involve the sale of the trade name 'NetServices.'
On completion of the deal, the company's name would be changed to Accumuli Plc, NetServices said.
'Following completion (of deal), and with 3.2 million pounds consideration, we are proposing an investing policy to acquire companies operating in the fast growing IT services, technology and communications sectors,' NetServices Chairman Graham Norfolk said in a statement.
For the first half ended Feb. 28, pretax loss was 0.3 million pounds, compared with 0.4 million pounds a year ago, NetServices said.
Revenue fell 28 percent to 2.3 million pounds.
Shares of the company were down 1.4 percent at 8.625 pence at 0726 GMT on Tuesday on the London Stock Exchange.
($1=.6561 Pound)
(Reporting by Shivani Singh in Bangalore; Editing by Maju Samuel) Keywords: NETSERVICES/TAKEOVER GCITELECOM (shivani.singh@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: shivani.singh.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* To change name to Accumuli
* Shares down 1.4 percent
(Adds details)
May 4 (Reuters) - NetServices Plc, a managed networking service provider, agreed to sell substantially all its business to GCI Telecom Group Ltd for 3.2 million pounds ($4.9 million) in cash.
The company said the disposal of its WAN Services Ltd and the trade and assets of NetServices would also involve the sale of the trade name 'NetServices.'
On completion of the deal, the company's name would be changed to Accumuli Plc, NetServices said.
'Following completion (of deal), and with 3.2 million pounds consideration, we are proposing an investing policy to acquire companies operating in the fast growing IT services, technology and communications sectors,' NetServices Chairman Graham Norfolk said in a statement.
For the first half ended Feb. 28, pretax loss was 0.3 million pounds, compared with 0.4 million pounds a year ago, NetServices said.
Revenue fell 28 percent to 2.3 million pounds.
Shares of the company were down 1.4 percent at 8.625 pence at 0726 GMT on Tuesday on the London Stock Exchange.
($1=.6561 Pound)
(Reporting by Shivani Singh in Bangalore; Editing by Maju Samuel) Keywords: NETSERVICES/TAKEOVER GCITELECOM (shivani.singh@thomsonreuters.com; +91 80 4135 5800; Reuters Messaging: shivani.singh.thomsonreuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
