Journeo Agrees to Buy IGL Ltd. for Around GBP8.7 Mln; Funds to Be Raised via Placing
- December 22, 2022
- No Comment
By Anthony O. Goriainoff
Journeo PLC said Thursday that it has conditionally agreed to buy the entire issued share capital of IGL Ltd. for around 8.7 million pounds ($10.5 million), and that it will finance this primarily via a discounted placing, a subscription, and a retail offer.
The London-listed information-systems and transport technical-services group said it will place 6.1 million new ordinary shares at 105 pence a share, representing an 11% discount to Wednesday’s closing price of 118.50 pence a share. Furthermore, there will be a subscription for 523,806 new ordinary shares at the placing price. It will also offer up to 333,333 shares via the Bookbuild platform to raise up to GBP350,000.
The company said the seller will receive an initial cash consideration of around GBP6.2 million, and GBP500,000 payable in 476,190 new ordinary shares at the placing price on completion. There will also be a GBP2 million deferred cash consideration, payable in two tranches.
Journeo said IGL, and its subsidiaries–known as Infotech–is a provider of display solutions and a U.K. rail passenger information equipment provider, servicing around 80% of the country’s rail networks.
Shares at 0917 GMT were up 11.50 pence, or 9.7%, at 130 pence.
Write to Anthony O. Goriainoff at email@example.com