Nov 25, 2004 : Business Serve Acquires Pipemedia
📅 - Business Serve plc (businessserve.co.uk), a UK-based ISP, announced on Thursday it has acquired Pipemedia (pipemedia.com), a telecommunication group of affiliated companies, which comprises Pipemedia Limited, Pipecall Limited and Pipemedia Communications Limited.
Pipemedia is a UK provider of voice over IP and broadband telephone services to corporate and carrier customers. Its acquisition transforms Business Serve into a converged communications provider of telecommunications and ISPs, and now provides Business Serve with immediate access to a new and growing customer base.
Business Serve has acquired Pipemedia for an initial consideration of £300,000 together with 692,841 ordinary shares of 1p each. In addition to the initial consideration, deferred consideration of up to a maximum of £1.5 million, settled equally between cash and shares, may become payable over the next two years, should Pipemedia achieve certain performance targets.
The cash element of the acquisition has been funded by a placing of 2,288,479 new ordinary shares at 43p per share by Teather & Greenwood raising approximately £1 million before expenses. This represents approximately 10 percent of the Group's issued share capital. Certain Directors of the Group participated in the placing, together subscribing for approximately 186,000 shares. Application has been made for these shares to be admitted to trading on AIM.
Pipemedia is a UK provider of voice over IP and broadband telephone services to corporate and carrier customers. Its acquisition transforms Business Serve into a converged communications provider of telecommunications and ISPs, and now provides Business Serve with immediate access to a new and growing customer base.
Business Serve has acquired Pipemedia for an initial consideration of £300,000 together with 692,841 ordinary shares of 1p each. In addition to the initial consideration, deferred consideration of up to a maximum of £1.5 million, settled equally between cash and shares, may become payable over the next two years, should Pipemedia achieve certain performance targets.
The cash element of the acquisition has been funded by a placing of 2,288,479 new ordinary shares at 43p per share by Teather & Greenwood raising approximately £1 million before expenses. This represents approximately 10 percent of the Group's issued share capital. Certain Directors of the Group participated in the placing, together subscribing for approximately 186,000 shares. Application has been made for these shares to be admitted to trading on AIM.
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URL source: http://www.thewhir.com/marketwatch/bus112504.cfm
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