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LONDON (Alliance News) - Dillistone Group PLC said Friday that it has raised GBP500,000 through a share placing to part finance its acquisition of ISV Software Ltd.
Dillistone placed 526,316 shares at 95 pence per share via WH Ireland. The placing of 263,158 of these placing shares is conditional on the company receiving provisional clearance from HM Revenue and Customs. The company expects this clearance to be received by the end of November, at which time it will apply for these shares to be admitted to AIM.
Chairman Mike Love subscribed for 252,632 shares in the placing, and Chief Executive Jason Starr subscribed for 10,526 shares.
Dillistone said Tuesday that it would acquire ISV for GBP850,000. ISV is a training and testing services company, it posted a pretax profit of GBP162,000 in 2013, and had net assets of GBP256,000 as at December 31, 2013.
Shares in Dillistone are trading up 0.5% at 99.00 pence Friday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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