Source: Highams Systems
Highams Systems Services Group PLC (AIM: HSS) is pleased to announce the proposed acquisition of Nakama Limited, a technology recruitment business operating from offices in London, Melbourne, Sydney and Hong Kong and specialising in recruitment for the digital technology and interactive media industry.
• Acquisition of Nakama for a consideration of £1.28 million to be satisfied by the issue of 48,773,016 new Ordinary Shares, which represents 41.41 per cent of the Company's Enlarged Share Capital ("Consideration Shares")
• The merger will provide Highams with scale and a broadening of sector and geographical reach
• Key strategic objectives achieved both of reopening a London office and expanding internationally
• The acquisition will deliver cost savings, risk diversity and the opportunity of cross-selling to both partner's client bases
• Proposed change of Company's name to Nakama Group PLC, to reflect the step change in the business and the Enlarged Group's international reach
• Stefan Ciecierski, founder Director of Nakama to join Board as Chief Executive, with responsibility to develop the Enlarged Group internationally as well as in the UK
• Notice of a General Meeting on 13 October 2011 will be sent to shareholders today to seek their approval for the issue of the Consideration Shares
Ken Ford, Chairman of Highams, commented:
"I am delighted to announce this transformational transaction in the long history of Highams. Not only does the acquisition of Nakama allow us to broaden our sector focus, but it also provides a strong platform for the Company to grow its customer base in the London market and to exploit opportunities internationally. I believe the complementary, yet distinctly unique nature of the two businesses, provides a range of benefits upon which both can leverage, but without undue duplication.
I am furthermore very pleased Stefan Ciecierski has agreed to join our Board as Group Chief Executive. His substantial experience running businesses in the recruitment sector and his global strategic direction makes him eminently qualified to drive the enlarged group forward and I very much look forward to our joint future success."