Blue Star Capital plc
("Blue Star Capital" or "the Company")
Investee company acquired by Digital Barriers
Blue Star Capital, the AIM listed investment company focused on the Homeland Security sector is pleased to announce the acquisition of one of its investee companies, Visimetrics (UK) Limited ("Visimetrics"), including its subsidiary OmniPerception Limited ("OmniPerception") (the "Acquisition") by Digital Barriers plc, ("Digital Barriers") (AIM:DGB).
Under the terms of the Acquisition, Digital Barriers has acquired the entire issued and to be issued share capital of Visimetrics, including OmniPerception, for an initial cash consideration of £3,300,000 (on a debt free, cash free basis), paid to the vendors of Visimetrics upon completion of the Acquisition ("Completion"). Completion took place on 4 January 2013. Dependent upon the successful satisfaction by Visimetrics of certain financial and operational targets in the period from completion of the Acquisition to 31 December 2014, deferred consideration of a further £4,700,000 may be paid by Digital Barriers to the vendors of Visimetrics; the majority of any such deferred consideration will satisfied through the issue of new ordinary shares in Digital Barriers, with the remainder paid in cash, although the Digital Barriers Board can at its discretion elect to pay deferred consideration fully in cash.
Blue Star Capital's fully diluted holding in Visimetrics was valued at GBP113,336 in its Interim Accounts at 31 March 2012. The initial cash consideration payable to Blue Star Capital following certain retentions by Digital Barriers in relation to working capital adjustments, is approximately GBP47,000. The maximum effective consideration payable to Blue Star Capital including any deferred consideration payable in Digital Barrier shares, will be approximately £137,000.
The cash received by Blue Star Capital will be used for working capital purposes.
Enquiries:
Blue Star Capital plc |
Tony Fabrizi |
Tel:0777 178 2434 |
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Daniel Stewart & Company plc (Nomad & Joint Broker) |
David Hart Director, Corporate Finance Martin Lampshire, Head of Corporate Broking |
Tel: 020 7776 6550 |
