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From: Dale
ArtDate: 10 May 2001
Section: (FLEET COMMS NEWS RELEASES)
Remote Name: 212.140.120.59
Date: 10/05/01
Time: 23:23
10 May 2001
Press Release
NINTH FLOOR PLC ACQUIRES LEADING IT AND TELECOMS INFRASTRUCTURE MANAGER
Ninth Floor plc, which last year sold its Silver Shield windscreens business, has announced today a major acquisition to reposition itself as a provider of Intelligent Managed Services to property and infrastructure managers.
Applied Infrastructure Management Services Limited (AIMS) is being acquired in a £3.6 million cash and shares deal, with further deferred payments of up to £5 million due in the event that profit before tax of AIMS for the year ended 31 May 2002 exceeds £2 million.
At the same time Ninth Floor is launching a £1 million Open Offer of new shares on the basis of 1 new share for every existing 2 shares at a price of 4 pence per share. The proceeds will be used towards the £1.5 million initial cash consideration, the balance coming from existing cash resources. 28 million new ordinary shares are also being issued to the vendors of AIMS.
AIMS, which is in part owned by Ninth Floor Chairman Alan Wix, recorded a pre-tax profit of £214,000 on turnover of £553,000 in the five months ended 31 January 2001.
AIMS is a specialist consultancy advising on and delivering computer technology infrastructure and IT operational expertise principally to the telecoms and financial services sector. AIMS currently employs nine permanent principal consultants each running their own sub-contract team of technical specialists. Completed projects include the design and completion of the Cahoot contact centre, Cahoot being the Internet bank subsidiary of Abbey National plc and the management of the implementation of the technical contact centre for the USA's leading credit card issuer, Providian.
Neil McClure, Chief Executive of Ninth Floor, said: "At the time of our acquisition of leading security specialist Farsight Surveillance, in April 2000, we stated our intention of repositioning the Group as a provider of IT led services to property and infrastructure managers in major corporations. The acquisition of AIMS marks a major step forward in delivering this strategy. We believe that there will be significant synergies between Farsight and AIMS and we will also be considering other acquisitions in due course."
Subsequent to completion of the AIMS acquisition, which is conditional upon shareholders approval at an EGM to be held on 5 June 2001, Alan Wix will move to join the Group in a full time capacity. At this time Alan Wix and Neil McClure will move to become Joint Chairmen and Chief Executives of the Group.
- Ends -
*ENDS*
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