Hill Dickinson, leading UK law firm with offices in the North West and London, has acted for Hertfordshire based Twenty Plc on a trio of instructions – delisting from Ofex, admission to AIM and on its £10.5million acquisition of Dataforce Holdings Limited.
The consideration for the acquisition totalled £10.5 million, £9.9million of which was paid in cash and the remaining balance paid in shares. The acquisition was financed through a placing of 41,790,000 new ordinary shares in Twenty at 20p per share and new banking facilities.
On admission to AIM, Twenty plc had a market cap of £9.65 million.
Twenty Plc is an investment vehicle focusing on the marketing services sector and the acquisition of Dataforce marks the first step in the process of building a substantial business which concentrates on data gathering management and analysis in the customer relationship management services sector.
Ian Lancaster, Chief Executive of Twenty Plc, comments: "The team at Hill Dickinson were fantastic and played a key role in ensuring that the acquisition was delivered on time."
The transaction, which completed on 5 April 2006, was led by Manchester based corporate finance specialist, Tom Ferns.
On completing the trio, Tom comments: “I am delighted to have worked with Twenty Plc on its acquisition of Dataforce, and its stock market placing and admission. The transaction was challenging as it had to be completed in the current tax year to maximise the benefits available to EIS and VCT Investors, and is another great example of the quality instructions we are winning from our growing Manchester office."
Tom Ferns was assisted by Alexandra Jackson and tax advice was provided by Saad Ahmed.
