APPS has acquired Priori Data for a total consideration of £13.5m, with £1.8m in cash and £11.7m by the issue of 16,667,157 new ordinary shares in the company (Consideration Shares) at an effective issue price of 70p per ordinary share (Ordinary Shares).
Today APPS issued 16,290,325 Consideration Shares and 2,318,643 new Ordinary Shares at a price of 70p per ordinary share to raise gross proceeds of £1.6m. The issue of a further 376,832 Consideration Shares (representing €300,000 in issue value) will be deferred until the determination of the completion accounts and the net assets statement in connection with the acquisition. They will be due, forty five days after completion. APPS has extended the period for the previously announced general private placing of its Ordinary Shares to 31 July 2018. The private placing will be made at a price of 70p per Ordinary Share.
Philip Marcella, APPS’s CEO, said: “I am delighted to have reached revised terms for the acquisition by appScatter of Priori. I strongly believe that the combination of the appScatter platform and the data held by Priori will significantly advance the Company’s development and positioning. We are already collaborating with Priori on several new high profile clients – with growing interest in the abilities of the enlarged group from key potential enterprise customers.”