Straight – 31p

5 March 2013 – revised acquisition terms

The company has announced that it has reached an agreement with the vendors of Dyro Holdings, which it bought in August 2010, to amend the purchase price from £2.9m to £2.42m.  An initial cash payment of £0.97m was made in 2010, with further payments due August 2011 and August 2012, subject to the vendors of Dyro Holdings closing a pension scheme.  The payment schedule was deferred due to delays in this process.  Under the revised agreement announced today, a balance of £1.45m is to be paid in monthly instalments over a period of five years commencing this month.  We retain our BUY rating.

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