Journeo agrees to acquire IGL for £8.7 million
December 2022
Journeo PLC has entered into a conditional agreement to acquire the entire issued share capital of IGL Limited for an aggregate consideration of approximately £8.7 million, which will be financed primarily via a discounted placing, subscription, and a retail offer.
The London-listed information-systems and transport technical-services group will place 6.1 million new ordinary shares at 105 pence a share, representing an 11% discount. Furthermore, there will be a subscription for 523,806 new ordinary shares at the placing price. It will also offer up to 333,333 shares via the Bookbuild platform to raise up to £350,000.
IGL will receive an initial cash consideration of around £6.2 million and £500,000 payable in 476,190 new ordinary shares at the placing price on completion. There will also be a £2 million deferred cash consideration, payable in two tranches.
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The Perivan shareholder communications team was delighted to work with Cenkos Securities on the production of the related documentation, which was successfully produced and published on 22nd December 2022.
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