Comino PLC - Acquisition
November 27 1997 - 2:34AM
UK Regulatory
RNS No 9530r
COMINO PLC
27th November 1997
COMINO PLC ANNOUNCES CONSOLIDATION OF
IMAGE SYSTEMS EUROPE (ISE)
Comino purchased 65% of ISE (via Proofpower Ltd) in August
1996. Since that time, ISE has performed well particularly in
the application of Workflow to its customer base of Pension
Administration companies and Local Authority Revenue
departments.
The Group now views Workflow as important to other aspects of
its operation, notably Housing with its base expanded by the
recent addition of the Excelsis business to its existing
Context subsidiary. Workflow and its application to call
centre management techniques is also seen to be of importance
to possible future acquisitions and their customer bases.
ISE has fourteen Local Authority and some twenty nine Pension
Administration customers. Context has a further twenty five
Local Authorities and a clear emphasis on systems which
provide strong customer service interfaces has emerged.
The Board is pleased to announce that on 26 November 1997 it
acquired the balance of ISE (again via Proofpower Ltd) to make
it a wholly owned subsidiary of Comino plc. Ted Brierley, the
MD of ISE and Denise Harrison, the Sales Director, have much
to contribute to the development of the Group and will now
take an active role in this process.
The consideration was 802,106 Comino shares and #880,000 in
cash and loan notes and will enhance earnings per share. The
vendors have undertaken not to dispose of any shares prior to
December 1998. The original purchase in August 1996 was
subject to a ratchet agreement and a roll up option which
Comino could exercise in 1999. These agreements now lapse and
both the Comino and ISE Boards are pleased that the timetable
for integration is well ahead of schedule.
For further information please contact:
Garth Selvey - Chief Executive
Paul Clifford - Finance Director
Shirley Whiting/Keeley Middleton
Comino plc Citigate Communications Ltd
Tel 01628 525433 Tel 0113 297 9899
END
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