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Catena agrees to acquire Insight; details plans for £6.1 equity raise
StockMarketWire.com
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Catena said it had signed a conditional acquisition agreement to acquire Insight, a data science and machine learning solutions company.
The acquisition was for the balance of Insight shares not already owned by the company, following Catena's initial acquisition of 9.1% of Insight in March 2020.
The company acquired the 89.9% of share in Insight that it didn't already own.
The deal was funded via the issue of 45,311,386 shares at 59 pence per share and, and cash consideration of up to £1.5 million depending on the 'number of consideration shares that the Insight Option Holders acquire,' the company said.
The company proposed to raise a total of approximately £6.1 million through the placing of shares at a price 67 pence per share, an approximately 14% to the closing middle market price of 59 pence per Ordinary Share on 2 September 2020.
A general meeting would be held on 7 May 2021 to approve the resolutions to the acquisition and placing.
Story provided by StockMarketWire.com
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