Altitude Group plc (incorporating Customer Focus) have announced the acquisition of certain assets of AdProducts.com Limited and the £3.7m placing of 6,191,669 new and existing Ordinary Shares to ensure flexibility in funding Channl.com.
The Placing Shares were sold at a price of 60 pence per share (“Placing Price”) and represent, in aggregate, approximately 13.4 per cent. of the currently issued share capital of the Company. The new ordinary shares being issued in relation to the Placing represent approximately 9.0 per cent. of the currently issued share capital of the Company.
The London Stock Exchange announcement stated: The net proceeds will be used to ensure the Company has flexibility in funding to significantly increase the number of US Channl.com web sites created for distributors and end users, gain traction in terms of their activation and engagement and support the UK launch of Channl.com through the acquisition of certain assets of AdProducts.com Limited, a small UK based supplier of promotional products, for cash consideration of approximately £0.8 million (subject to a stock valuation adjustment). A further announcement will be made in due course when the acquisition has completed.
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Published on: May 22nd, 2017