Ninth Floor (The) PLC
3 October 2001
The Ninth Floor plc ('Ninth Floor' or 'the Company')
Acquisition of remaining 40% of IO MM Software Limited
The Company is pleased to announce that it has acquired the remaining 40 per
cent. of IO MM Software Limited ('IO MM') which it does not already own.
In April 2000 the Company acquired the entire share capital of Farsight
Surveillance Technologies Limited ('Farsight') which in turn owned 60 per
cent. of IO MM, its internet based security surveillance software development
business. The remaining 40 per cent of the issued share capital of IO MM was
owned by a number of directors, employees and ex-employees of IO MM and
Farsight, as well as Andrew Bromley, a Ninth Floor director (together 'the
Vendors').
IO MM had net liabilities of £72,000 as at 30 November 2000 and incurred
operating losses of £73,000 for the 12 months ended 30 November 2000.
As consideration for the acquisition the Company has issued 1,500,000 ordinary
shares to the Vendors and deferred cash consideration of £100,000, payable in
two equal tranches on 1 April 2002 and 1 October 2002. Additional deferred
consideration will be payable up to £50,000 in cash and up to 750,000 ordinary
shares on the achievement of certain profit targets for the year ended 30
September 2002.
The Directors of the Company, having consulted with Seymour Pierce Limited,
believe that the terms of acquisition are fair and reasonable insofar as the
shareholders of the Company are concerned.
The new ordinary shares issued to the Vendors rank pari passu in all respects
with the existing ordinary shares of the Company. Application will be made for
these shares to be admitted to trading on the Alternative Investment Market of
the London Stock Exchange.
Enquiries:
Alan Wix, Chairman and Chief Executive, The Ninth Floor plc 0207 643 5300
Mark Percy, Seymour Pierce Limited 0207 648 8700
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