Listed company mBox.com has announced plans for the simultaneous acquisition of UK-based messaging company Virtualplus Inc and Kwinana industrial company Novacoat.
The acquisitions will bring to an end a long and sometimes tortuous search by the loss-making mBox for a new business focus.
mBox plans to combine its existing unified messaging business with the messaging business of Virtualplus, which operates in the UK, Europe, US and Asia.
Its directors believe the acquisition will enable the merged group to become a global player in the unified messaging and SMS markets.
mBox will issue a total of 181.3 million shares at a deemed price of 3.859 cents per share to the vendors of Virtualplus, valuing the acquisition at $7 million.
Of this total, 15 million shares will be subject to Virtualplus achieving a listing on London’s Alternative Investment Market, while a further 81.6 million shares will be subject to Virtualplus lifting underlying earnings to $3.15 million.
This is a big increase from its latest reported earnings of $660,000 for the half year to June 30 2004.
In a separate move, mBox will buy protective coatings company Novacoat and, through a series of transactions, seek a new listing for Novacoat on the Australian Stock Exchange.
This is a scaled down version of an earlier ill-fated plan to acquire Kwinana industrial company Total Corrosion Control and its competitor and Novacoat parent, Fero Industries.
The terms of the acquisition, to be satisfied by the issue of shares, value Novacoat at $2.7 million.
Meanwhile, engineering company RCR Tomlinson, which has already benefited from its exposure to resource projects, has announced the $6.85 million acquisition of Newcastle, NSW, firm Stelform Engineering.
