(“PHSC”, the “Company” or the “Group”)
Acquisition of Camerascan CCTV Limited
The Company is pleased to announce that on Friday 11 December 2015 it completed the acquisition of Camerascan CCTV Limited (“Camerascan”).
Camerascan is a business that specialises in the supply and installation of Closed Circuit Television systems, predominantly via third party lease finance agreements, to a commercial client base. Clients include professional service firms, educational establishments, retailers, industrial premises and care homes. In addition to obtaining new sales, Camerascan is well positioned to renew existing lease contracts where clients require replacement or upgrade due to technical obsolescence or other operational reasons. For the financial year ended 31 December 2014 Camerascan made revenues of GBP305,796 and profit before taxation of GBP62,803. Camerascan had net assets of £31,708 as at 31 December 2014.
Consideration for the acquisition is GBP75,000 in cash paid on completion along with the issue of 300,000 Ordinary Shares of 10p each in PHSC plc to the vendors (“Acquisition Shares”). A further GBP50,000 in cash is payable before 31 March 2016.
This acquisition strengthens the Group’s presence in the CCTV sector, which we first entered through the purchase of B to B Links Limited (B2B) in 2012. B2B presently installs CCTV systems exclusively in the retail sector. Bringing Camerascan into the Group will give us exposure to a considerably more diverse marketplace.
Post-acquisition, Camerascan will become an operational division of B2B, with one of the two sellers retained in a sales management capacity under a contract of employment. Colin Warnock, Managing Director of B2B, will oversee the integration of Camerascan into the Group.
Application will be made for the Acquisition Shares to be admitted to trading on AIM. Admission is expected to become effective and dealings are expected to commence on AIM on 18 December 2015. Following admission of the Acquisition Shares, the Company will have 12,986,348 Ordinary Shares in issue. The Acquisition Shares will rank pari passu with the existing issued Ordinary Shares.
For further information please contact:
Stephen King 01622 717700
Sanlam Securities UK Limited (Nominated adviser and broker)
Lindsay Mair/James Thomas 020 7628 2200