By Devika Patel
Knoxville, Tenn., July 26 - Hat Pin plc announced the acquisition of Executive Access India Pte. Ltd. and said it will fund the acquisition through a private placement of stock.
Hat Pin sold 5.5 million shares at 100 pence per share to raise £5.5 million. The placing price of 100 pence per share represents a discount of 1%.
The placing was arranged by Arden Partners plc.
The new shares represent 22.4% of Hat Pin's existing share capital and 17.7% of the company's issued share capital immediately following the placing and completion of the acquisition.
Hat Pin will pay a maximum of £6.9 million in a mixture of cash and shares for Executive Access India. Of that amount, £6.5 million is payable on completion, with an additional £0.4 million payable on the basis of Executive Access India's profitability over the period up to Dec. 31, 2008.
Executive Access India, which operates across the financial services, technology, corporate, academia and not-for-profit sectors, has a well-established, blue chip client base and operational diversity to complement existing Hat Pin businesses.
"Executive Access India is one of the pre-eminent executive search firms in India with an outstanding track record. I am delighted that we are able to extend our network into such a key, fast-growing marketplace with one of the most talented and ambitious teams," Hat Pin chief executive Angela Campbell-Noe said in a press release.
London-based Hat Pin owns and operates executive search businesses. Executive Access India is an executive search firm with offices throughout India.
| Issuer: | Hat Pin plc
|
| Issue: | Stock
|
| Amount: | £5.5 million
|
| Shares: | 5.5 million
|
| Price: | 100p
|
| Warrants: | No
|
| Agent: | Arden Partners plc
|
| Pricing date: | July 26
|
| Stock symbol: | London: HTP
|
| Stock price: | 101.30p at close on July 25
|
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