Northamber PLC Completion of AVM Acquisition (6637B)
03 Febrero 2020 - 1:00AM
UK Regulatory
TIDMNAR
RNS Number : 6637B
Northamber PLC
03 February 2020
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
3 February 2020
Northamber PLC
("Northamber" or "the Company")
Completion of the Acquisition of Audio Visual Materials
Limited
Further to the announcement dated 18 December 2019, Northamber
(AIM: NAR) is pleased to announce the completion of the acquisition
of Audio Visual Materials Limited ("AVM") for a total consideration
of up to GBP2.5 million from SEA Holdings Limited Group (the
"Acquisition").
About Audio Visual Materials Limited
Based in Camberley, Surrey, AVM was established in 1968, and is
an audio-visual distributor to integrators and other trade parties,
primarily in the UK.
For the year ended 31 December 2018, AVM reported revenue of
GBP7.4 million, gross profit of GBP1.6 million and profit before
tax of GBP0.3 million. AVM currently has 15 employees.
Consideration for the Acquisition
The unadjusted consideration for the Acquisition will be
GBP2.525 million, with an adjusted completion payment of
GBP2,104,780, payable in cash on completion, such adjustment being
made after having taken into account both estimated and target
working capital and also after having deducted the sum of GBP0.1
million (such sum to be withheld until determination of the
completion accounts). Northamber has funded the consideration from
its existing cash resources.
Acquisition rationale
The Acquisition is in line with the Company's strategy of
product and margin improvements. Northamber already has a
specialist AV division and the acquisition of AVM will be
complementary to the existing offering. The senior management of
AVM will remain with the business following the Acquisition.
Geoff Walters, Acting Chairman, commented, "We are delighted to
welcome the AVM team on board. We believe there is a strong
opportunity for AVM to develop within the Northamber Group. The
Acquisition reflects our determination to grow our revenues,
broaden our product offering and improve our margins. We remain
committed to returning Northamber to profitability and will look to
evaluate further opportunities for acquisitive growth."
For more information, please contact:
Cantor Fitzgerald Europe (Nominated
Adviser & Broker) 020 7894 7000
Phil Davies
Michael Boot
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END
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