StockMarketWire.com - Sky High has exchanged a conditional contract to acquire the business and certain assets of Count on Us, a national traffic data collection company with a strong market share in the London and Wales,
The consideration of approximately £454,928 is to be satisfied by the issue of 4,135,709 new ordinary shares.
The acquisition is conditional on the company raising up to £500,000 in order to provide additional working capital for the enlarged business. In order to satisfy this condition, the company has agreed a conditional placing of 4,637,500 New Ordinary Shares at a price of 8p per share to raise approximately £371,000, before expenses, and intends that the balance will come from working capital facilities and finance agreements to be agreed with its bankers.
Sky High's existing share authorities allowing it to issue shares are insufficient to allow the issue of the placing shares and the consideration shares and therefore these are conditional on shareholders' approval.
The placing price of 8p per share is lower than the current nominal value of the shares. The company is prohibited from issuing shares at below nominal value and therefore to ensure that the issue of the placing shares can proceed the company has decided to undertake a capital reorganisation which will result in the existing capital being sub-divided.
At 12:22pm: (LON:SKHG) share price was -1.75p at 9.25p
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