Source: ADVFN
ADVFN is pleased to announce that it has agreed terms, subject to contract and inter alia FSA approval of the proposed change of control, with the board of Equity Holdings Limited (EH) for the purchase of the entire issued share capital of EH for an aggregate consideration of up to £1,500,000 to be satisfied by a payment at completion of £500,000 in cash and ADVFN new ordinary shares and a deferred consideration by reference to the turnover of EH in the three financial periods ending 30 June 2008.
Further announcements as to the timing of completion of the transaction will be made in due course.
Clem Chambers, CEO ADVFN, said "Equity Development is a well respected brand in the equity research segment. Equity Development's regulated offering and ADVFN's broad distribution fit well together and should offer significant opportunities for both platforms."
Brian Basham, Chairman of Equity Holdings, said: "It is eight years since Equity Development was established. It was an idea ahead of its time, but the concept of issuer-financed research is now firmly established and welcomed by the investment community. Equity Development has now developed a brand that is widely recognised for quality and objectivity. We look forward to working with ADVFN to further expand Equity Development."