Friday, July 10, 2009

Avisen Acquires Quadrum Consulting (Proprietary) Limited for Equity Consideration of GBP200,000

Performance management company Avisen plc (LSE:AVI) disclosed on Thursday the acquisition of the business and assets of Quadrum Consulting (Proprietary) Limited for a total of GBP200,000 in 1,379,310 new issued ordinary shares at GBP0.1450, equal to the closing middle market price of the its capital shares on 8 July 2009.

The acquired company specialises in software company IBM Cognos's offering and is its business partner in South Africa. Co-founders and senior executives of Quadrum, Douard le Roux and Steven Joffe joins Avisen (Pty) Limited, Avisen's South African subsidiary management team.

Quadrum reflected a profit before tax of GBP98,280 on turnover of GBP312,117 in its un-audited management accounts for the fiscal year ended 28 February 2009 and net assets of GBP170,520 at 28 February 2009.

Application for the 1,379,310 new shares to be admitted to trading on AIM has been made by Avisen and is expected to begin on 15 July 2009. After these shares are issued Avisen has a total of 115,570,456 shares in issue.

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