BOS Global reaches milestone in Call Design acquisition

Josh White Sharecast | 21 Apr, 2017 14:50 - Updated: 16:07 | | |

money
  • 14.00
  • 6.67%0.87
  • Max: 14.88
  • Min: 12.82
  • Volume: 1,125,287
  • MM 200 : n/a
17:18 28/04/17
  • 14,889.10
  • 1.37%201.15
  • Max: 14,978.97
  • Min: 14,686.81
  • Volume: 0
  • MM 200 : n/a
17:20 28/04/17
  • 963.72
  • 0.20%1.88
  • Max: 964.37
  • Min: 961.35
  • Volume: 0
  • MM 200 : n/a
17:20 28/04/17

Productivity software developer BOS Global Holdings updated the market on Friday on the conditional agreement to acquire a 40% interest in Call Design, which was announced on 20 March.

The AIM-traded company advised that it had satisfied one of the major conditions precedent, having completed due diligence to the satisfaction of the board.

As a result, it said it was proceeding toward settlement including finalising a share purchase agreement with Call Design's shareholders.

It said it expected that completion would occur on or before 21 May.

Following completion, it was expected that Michael Travia would join the board of Call Design as a non-executive director to represent the 40% interest of BOS.

BOS GLOBAL described Call Design as a “profitable, Australia-based, global provider of workforce optimisation tools” focused particularly on call centre services, which held an established blue chip client base.

It expected that the cash consideration of £0.28m would be funded through a drawdown on the company's existing convertible loan note facility in place with Innovation Corporation.

The convertible facility, which was initially notified on 30 August 2016, currently had a balance available to be drawn down of £1.002m, and there would also be 5,040,000 consideration shares in BOS issued on completion.

BOS GLOBAL said it continued to work closely with Call Design, as a “platinum reseller” representing BOS Products worldwide, to deploy BOS products on a commercial basis and identify opportunities for sales of BOS products to Call Design's client base..

“I am delighted at the progress of both companies to reach this important milestone,” said Michael Travia.

“As a member of Call Design's board I look forward to representing the significant investment and opportunity on behalf of the company and our shareholders, including assisting Call Design with its board strategy to grow exponentially over the next three years.”

More news

28 Apr S&P reaffirms AA rating on UK, outlook clouded by Brexit

Standard&Poor's reaffirmed its rating on the United Kingdom's long-term sovereign debt but warned of the potential impact on the economy from the uncertainty around the Brexit negotiations and their eventual outcome.

28 Apr FX round-up: Sterling nonchalant after UK Q1 growth disappoints

Sterling made steady gains on most key cross on Friday, appearing nonchalant in its reaction to disappointing UK economic growth data out mid-morning.

28 Apr Europe close: Weak US, UK GDP weigh on shareson the continent

European stocks ended the day on a mixed note after weak readings on UK and US GDP dragged many indices into the red at the end of the month.

28 Apr Laird off to solid start, but second half remains key

Electronic component maker Laird reported strong sales growth in the first quarter of 2017 after a difficult year.

28 Apr General Motors truck and SUV sales drive record earnings

Growth at General Motors accelerated past analyst forecasts with a record first-quarter set of earnings.

28 Apr RBS and Lloyds Bank customers hit by online glitch on payday

Royal Bank of Scotland and Lloyds Banking Group customers were prevented from accessing money in their accounts due to a technical glitch ahead of the bank holiday weekend.

28 Apr Kennedy Wilson confirms quarterly dividend, new office leases

Kennedy Wilson Europe Real Estate announced it will pay an interim quarterly dividend of 12.0p per share, while also reporting strong leasing momentum across key investments in Greater London and Dublin.

28 Apr Time spins backwards on decision not to sell business

Time Inc stock reversed recent gains after the board decided not to sell the publishing business as it was being "reinvigorated" under a new strategy.

28 Apr Morgan Stanley downgrades Berendsen on competition concerns

Berendsen not only needs to invest in property, plant and equipment but is facing increasing competition in the UK, warned Morgan Stanley as it downgraded the stock on Friday.

28 Apr UK mortgages and consumer credit card borrowing both decline - BBA

Mortgage approvals and consumer credit card lending both fell in March according to fresh data from the banking industry, providing the reason for the fall in house prices announced elsewhere on Friday.