LONDON (dpa-AFX) - Eagle Eye Solutions Group Plc intends to raise around 6 million pounds and to seek admission of its ordinary shares to trading on AIM. Dealings are likely to begin on AIM in April 2014. The funds raised through the offer would enable the firm to buy a major competitor, providing access to new customers and significant IP, accelerate the growth of the company and help fund further investment in strategic technology. Upon the offer completion, the company is expected to have a free float of at least 30% of its issued share capital.
In addition, the firm announced the conditional acquisition of 2ergo Limited, an unit of 2ergo Group Plc (RGO.L), which contains substantially all of the business and assets of 2ergo. The price consideration would be settled by paying 2.5 million pounds in cash and by issuing 2 million pounds of ordinary shares in the company at the IPO placing price. It is intended that 2ergo would hold a general meeting on or around April 7, 2014, when it is expected that the shareholders of 2ergo would approve the purchase.
Eagle Eye has nearly 60 blue-chip clients in the UK retail and hospitality sectors, consisting of Gondola Group, Greggs, Karen Millen, Marks & Spencer, Mitchells and Butlers, Pets at Home, Tesco and Tragus.
Panmure Gordon (UK) Ltd. is acting as sole financial adviser, Nominated Adviser and broker to Eagle Eye in connection with the offer.
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