Acquisition
17 11월 2009 - 11:30PM
UK Regulatory
TIDMMVH
RNS Number : 6430C
Medic Vision Limited
17 November 2009
Medic Vision Limited
("Medic Vision" or the "Company")
Update re holding in Red Paragon Pty Ltd
London, 17 November 2009
The Board of Medic Vision is pleased to announce that it has entered into an
agreement with Neil Fleming to
acquire 29 shares (the "Red Paragon Shares")
equivalent to 9.29% of the issued share capital in Red Paragon Pty Ltd ("Red
Paragon"), an Australian based and incorporated private company that
manufacturers low cost, lightweight, building panels (walls, floors, ceilings
and roof panels) for the construction of modular buildings.
Neil Fleming, a former consultant to Red Paragon, commented as follows:
"I am pleased to have reached this agreement with the Board of Medic Vision and
look forward to working with the Company in the future".
The acquisition of the Red Paragon Shares will be funded via the issue of
2,000,000 fully paid ordinary shares in the Company (the "Consideration
Shares"), equivalent to AU$42,000 based on the closing share price of AU$0.021
per ordinary share on 16 November 2009. The Consideration Shares are to be
issued within 14 days of the Annual General Meeting.
As referred to in the Notice of Annual General Meeting, dated 6 November 2009,
shareholder approval is being sought for the Directors to allot and issue up to
100,000,000 ordinary shares for the purposes of raising capital and other
strategic acquisitions. This approval will enable the Directors to issue the
Consideration Shares to Mr Fleming without the Company having to utilise its
discretionary power to issue further shares up to 15% of the issued capital in
the Company without shareholder approval.
Following the acquisition of the Red Paragon Shares, the Company will hold, in
aggregate, 96.79% of the issued share capital in Red Paragon. The Board has
resolved that it is in the Company's long term strategic interest to acquire the
balance of the issued share capital of Red Paragon, being 3.21%, which will
result in Red Paragon becoming a wholly owned subsidiary of Medic Vision.
For further information contact:
+--------------------------------------+---------------------------------------+
| Vince Leone | Email: vince.leone@medicvision.com.au |
| Chief Executive Officer & President | Mob: +61 421 054 140 |
| Medic Vision | |
+--------------------------------------+---------------------------------------+
| Stuart Faulkner / David Altberg | Tel: +44 20 7409 3494 |
| Strand Hanson Limited | |
+--------------------------------------+---------------------------------------+
| Ruari McGirr | Tel: +44 20 7628 5582 |
| Astaire Group Plc | |
+--------------------------------------+---------------------------------------+
Background on Medic Vision Limited
Medic Vision is a technology based company specialising in the application of
technology for surgical and medical skills training. Medic Vision provides
consulting services in the development of skills training centres as well as
developing and deploying computer-based surgical and medical high fidelity
simulators.
See www.medicvision.com.au for more details
This information is provided by RNS
The company news service from the London Stock Exchange
END
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