31/03/2009 - 15:37

ComputerCORP in $15m acquisitions

31/03/2009 - 15:37

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ComputerCORP will pay some $15 million in cash and scrip to acquire two eastern states technology providers and has announced plans to launch a $5 million capital raising.

ComputerCORP will pay some $15 million in cash and scrip to acquire two eastern states technology providers and has announced plans to launch a $5 million capital raising.

The West Perth-based company said today in a statement that it will pay up to $9.3 million in cash to acquire Synergy Plus, a subsidiary of Hyro International.

The purchase price has been set at a minimum of $6.5 million, which will be payable over a three year period and depending on the profit performance of Synergy, which counts Coles Group, Toyota and Elders as some of its clients.

ComputerCORP will also acquire S Central for a combination of $1.18 million in shares and the issue of $5 million worth of convertible notes.

The acquisitions, which are subject to due diligence, will boost ComputerCORP's presence in Sydney, Melbourne and Adelaid and will increase staffing levels to 330 full time employees including 160 engineers and consultants.

Additionally, the company will also raise $5 million in new capital through a rights issue, with $1.2 million to be allocated to S Central shareholders.

Overall, 29.4 million new ComputerCORP shares will be issued at four cents per share.

Shares in the company closed down 0.5 cents to two cents today.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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