Anite Group PLC
21 December 2000
ANITE GROUP PLC ('Anite' or the 'Company')
Acquires Telecom solutions company for up to £50 million
Anite Group plc, the European IT consultancy and services
company, today announces that it has entered into an agreement
to acquire the entire issued share capital of Calculus
Solutions Limited ('Calculus'), a provider of integrated
customer care and billing software solutions to European
telecoms companies for a maximum consideration including
earnout of £50 million. The consideration comprises an
initial consideration of £14.9 million, plus a maximum earnout
of £35 million payable on the satisfaction by Calculus of
certain profit targets to 30 April 2003.
Calculus is a leading supplier of pan-European retail,
wholesale and interconnect solutions for telecommunications
companies.
As at 31 August 2000 (being the date to which the latest
published audited accounts for Calculus have been prepared)
the value of the net assets the subject of the transaction was
£940,126 and the profits before tax was £1,306,211.
The initial consideration of £14.9 million will be satisfied
as to £6.4 million by the issue by Anite to the sellers of
Calculus ('Sellers') of Anite loan notes and as to £8.5
million by the issue and allotment by Anite of 5,045,109
ordinary shares of 10 pence each in the capital of Anite
('Anite Shares'), at the rate of £1.6848 per ordinary share
('Consideration Shares'). The Consideration Shares will be
allotted in instalments, the first of which comprises
3,398,221 Anite Shares. The earn-out will also be satisfied
by the issue and allotment by Anite of Anite Shares.
Application will be made to the Financial Services Authority
and the London Stock Exchange plc for 3,398,221 Anite Shares
to be admitted to the Official List. It is expected that
admission of these shares will be granted on 28 December 2000
and that dealings will commence on 29 December 2000. In
addition, Anite will make a contribution to the Sellers' costs
in the sum of £100,000.
Anite Group's Chief Executive John Hawkins, commenting on the
acquisition, said:
'This addition complements our extensive telecoms offering.
As our telecoms product set develops we will be able to
service an even greater number of leading telecoms clients
with a broader and more sophisticated set of telecoms
solutions.'
For further information please contact: www.anite.com
Anite Group Plc 0118 945 0121
John Hawkins, Chief Executive
Anite Telecoms 01252 775 200
Nigel Coxon
Golin/Harris Ludgate 020 7253 2252
Edward Macquisten
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