14 December 2015
PHSC plc
("PHSC", the "Company" or the
"Group")
Acquisition of
Camerascan CCTV Limited
The Company is pleased to announce that on Friday 11 December 2015 it completed the acquisition of
Camerascan CCTV Limited (“Camerascan”).
Camerascan is a business that specialises in the supply and
installation of Closed Circuit Television systems, predominantly
via third party lease finance agreements, to a commercial client
base. Clients include professional service firms, educational
establishments, retailers, industrial premises and care homes. In
addition to obtaining new sales, Camerascan is well positioned to
renew existing lease contracts where clients require replacement or
upgrade due to technical obsolescence or other operational reasons.
For the financial year ended 31 December
2014 Camerascan made revenues of GBP305,796 and profit before taxation of
GBP62,803. Camerascan had net assets
of £31,708 as at 31 December
2014.
Consideration for the acquisition is GBP75,000 in cash paid on completion along with
the issue of 300,000 Ordinary Shares of 10p each in PHSC plc to the
vendors (“Acquisition Shares”). A further GBP50,000 in cash is payable before 31 March 2016.
This acquisition strengthens the Group’s presence in the CCTV
sector, which we first entered through the purchase of B to B Links
Limited (B2B) in 2012. B2B presently installs CCTV systems
exclusively in the retail sector. Bringing Camerascan into the
Group will give us exposure to a considerably more diverse
marketplace.
Post-acquisition, Camerascan will become an operational division
of B2B, with one of the two sellers retained in a sales management
capacity under a contract of employment. Colin Warnock, Managing Director of B2B, will
oversee the integration of Camerascan into the Group.
Application will be made for the Acquisition Shares to be
admitted to trading on AIM. Admission is expected to become
effective and dealings are expected to commence on AIM on
18 December 2015. Following admission
of the Acquisition Shares, the Company will have 12,986,348
Ordinary Shares in issue. The Acquisition Shares will
rank pari passu with the existing issued Ordinary
Shares.
For further information please contact:
PHSC plc
Stephen King
www.phsc.plc.uk
|
01622 717700 |
Sanlam Securities UK
Limited (Nominated adviser and broker)
Lindsay Mair/James Thomas |
020 7628 2200 |