Getech Group plc Acquires ERCL
Getech (AIM; GTC), the geoscience business specialising in the provision of data, studies and services to the oil, gas and mining exploration sectors, is pleased to announce that further to the announcement of 24 March 2015, the agreement to acquire the entire issued share capital of ERCL Limited, an upstream oil and gas consultancy, (the "Agreement") has now completed.
Issue of Equity
Accordingly, Getech has today paid an initial payment of cash £1,750,000 and issued 2,176,630 ordinary shares ("New Shares") to Huw Edwards, Richard Heath, Steve Lawrence and Chris Irons, who will all remain with ERCL following completion, and SAER Limited as follows:
Application has been made to admit the New Shares to trading on AIM and it is anticipated that trading in the New Shares will commence on 13 April 2015, it is agreed that New Shares will be retained by the shareholders set out above for a minimum period of one year from completion. Deferred consideration is also payable, as set out in the announcement of 24 March 2015.
There are no shares held in treasury, therefore the total number of voting rights in the Company will then be 32,492,814. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.
Appointment of Director
William Huw Edwards ("Huw"), aged 59, one of the founding directors and shareholders of ERCL, is to be appointed a director with effect from today.
Huw is currently a director of ERCL Limited and Edwards Resource Consultants Limited. He was previously a director of PGS 2011 Limited, which was dissolved in 2013, and a director of Exploration Reservoir Consultants Limited, which was put into voluntary liquidation in 2010 on the advice of Huw's accountants. This was a private company owned only by Huw and his wife and there are no outstanding debts in this company.
As a consequence of the acquisition of ERCL by Getech, Huw now holds Ordinary Shares in the Company, as set out in the table above.
There is no further information to be disclosed under paragraph (g), Schedule 2 and AIM Rule 17 of the AIM Rules of Companies in respect of this appointment.