Saturday, November 11, 2006
Abacus wraps up ECC Distribution acquisition
Abacus Group has acquired the remaining 80,360 shares in ECC Distribution, representing 40.18% of the share capital, at a price of GBP 0.70 million in cash.
Abacus Group has acquired the remaining 80,360 shares in ECC Distribution, representing 40.18% of the share capital, at a price of GBP 0.70 million in cash. Abacus now owns the entire share capital of ECC. This acquisition terminates Abacus' remaining call options and the other shareholders' remaining put options relating to these shares.
Abacus previously acquired 9% of ECC's share capital in August 2003 and 50.82% in October 2003.
The total share capital has been acquired in cash at an aggregate cost of GBP 1.75 million.
ECC is the UK holding company of ECC Elettronica, an Italian electronic component distributor, which is headquartered in Milan and covers Italy through a network of seven additional regional offices.
The company has three divisions: ITC which sells IT peripherals; Components which acts as a representative for a number of "blue chip" manufacturers; and Distribution.
ECC markets a broad range of passive, active, electromechanical and display products.
As at 30th September 2003, ECC's consolidated results showed net assets of GBP 2.29 million and a profit for the year before tax of GBP 0.21 million.
Martin Kent, Chief Executive of Abacus Group commented: "Since the acquisition of the 60% shareholding, we have enhanced ECC's franchise line card and believe that taking up the full 100% will improve the opportunity to continue with this development of their product offering".
Abacus Group has acquired the remaining 80,360 shares in ECC Distribution, representing 40.18% of the share capital, at a price of GBP 0.70 million in cash. Abacus now owns the entire share capital of ECC. This acquisition terminates Abacus' remaining call options and the other shareholders' remaining put options relating to these shares.
Abacus previously acquired 9% of ECC's share capital in August 2003 and 50.82% in October 2003.
The total share capital has been acquired in cash at an aggregate cost of GBP 1.75 million.
ECC is the UK holding company of ECC Elettronica, an Italian electronic component distributor, which is headquartered in Milan and covers Italy through a network of seven additional regional offices.
The company has three divisions: ITC which sells IT peripherals; Components which acts as a representative for a number of "blue chip" manufacturers; and Distribution.
ECC markets a broad range of passive, active, electromechanical and display products.
As at 30th September 2003, ECC's consolidated results showed net assets of GBP 2.29 million and a profit for the year before tax of GBP 0.21 million.
Martin Kent, Chief Executive of Abacus Group commented: "Since the acquisition of the 60% shareholding, we have enhanced ECC's franchise line card and believe that taking up the full 100% will improve the opportunity to continue with this development of their product offering".
# posted by Swathi @ 1:14 AM 
