Daisy Group PLC, formerly Freedom4 Group PLC, said 255,493,395 ordinary shares in the group have today been admitted to the AIM market of the London Stock Exchange and are trading under the DAY code.
The admission of the shares completes the previously announced placing and acquisitions of Daisy Communications Ltd and Vialtus.
The company has acquired the entire issued capital of Daisy Communications for £30 million in cash together with the issue to Matthew Riley and the Daisy Optionholders of an aggregate 63,750,000 consolidated ordinary shares, valued at £51.0 million as well as the Vialtus assets for £13 million in cash and the issue of 36,250,000 consolidated ordinary shares, valued at £29 million.
Daisy has raised £83 million before expenses via the placing of 103,750,000 shares to new and existing institutional investors at 80 pence per share.
Matthew Riley has been appointed as CEO of Daisy Group. The company intends to provide its SME and mid-market customers with a converged product set including access, hosting, voice, mobile and managed services.
The strategy of the enlarged group is to create, through a combination of further acquisitions and organic growth, one of the largest UK providers to the SME and mid-market of telecommunications services and software.
The financial reporting year end of the company has been changed from December 31 to March 31.
Peter Dubens, former non-executive chairman of Freedom4 Group, will remain on the board as executive chairman. Mike Read, former CEO of Freedom4 Group, will remain on the board as CEO of Freedom4 Wireless Broadband.
Ian McKenzie, former non-executive chairman of Daisy Communications, and Laurence Blackall have been appointed to the board as non-executive directors.
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