Proposed acquisition (Worldlink Group PLC)


 

TIDMPARO 
 
RNS Number : 0765R 
Paros PLC 
24 April 2009 
 
 
 
 
 
ParOS plc 
("ParOS" or "the Company") 
 
 
Proposed acquisition of the business of Worldlink Group PLC 
("Worldlink") 
 
 
Further to previous announcements regarding the search for a potential 
acquisition target in accordance with the Company's investment strategy and the 
suspension of trading in the Company's shares on AIM on 30 March 2009, ParOS is 
pleased to announce that on 25 February 2009 it signed non-legally binding heads 
of terms to acquire the business of Worldlink. The consideration for the 
business of Worldlink is intended to be satisfied by the issue of new ordinary 
shares in the capital of ParOS. 
 
 
In view of the relative size of the business of Worldlink in relation to ParOS, 
the proposed acquisition is classified as a reverse takeover under the AIM Rules 
for Companies and accordingly the acquisition of the business of Worldlink will 
be subject, amongst other things, to approval by the shareholders of the 
Company. As a result, trading in ParOS shares will remain suspended until an 
admission document containing full details of the proposed acquisition and of 
the enlarged entity is published and a general meeting of the Company is 
convened to approve the acquisition. It is contemplated that the Worldlink 
directors, Neil Riches, Crispin Burdett and Ian Coburn will be appointed to the 
ParOS board of directors with effect from admission to trading on AIM of the 
shares in the enlarged entity. 
 
 
The ParOS directors originally intended that the preliminary results for 
2008 would be issued in April 2009 and that the AGM would be held in June 2009. 
In the light of the proposed acquisition, the directors intend to publish the 
preliminary results together with full terms of the acquisition and subsequently 
to post the report and accounts with the admission document containing details 
of the proposed acquisition. 
 
 
The board of ParOS intends to complete the proposed acquisition as soon as 
practically possible. The admission document and the circular to shareholders 
are intended to be published in June. In the event that the acquisition of 
Worldlink or another reverse takeover transaction is not effected by 28 
September 2009, trading in the Company's shares on AIM will be cancelled. 
 
 
Further announcements will be made in due course. 
 
 
Enquiries: 
 
 
+----------------------------------------+----------------------------------------+ 
| ParOS plc                              |                                        | 
+----------------------------------------+----------------------------------------+ 
| Patrick McHugh                         |                          020 3008 8223 | 
+----------------------------------------+----------------------------------------+ 
|                                        |                                        | 
+----------------------------------------+----------------------------------------+ 
| John East & Partners Limited           |                                        | 
+----------------------------------------+----------------------------------------+ 
| Simon Clements / David Worlidge        |                          020 7628 2200 | 
+----------------------------------------+----------------------------------------+ 
|                                        |                                        | 
+----------------------------------------+----------------------------------------+ 
| Square1 Consulting Limited             |                                        | 
+----------------------------------------+----------------------------------------+ 
| Mike Feltham / David Bick              |                          020 7929 5599 | 
+----------------------------------------+----------------------------------------+ 
 
 
  About ParOS 
 
 
ParOS was admitted to trading on AIM on 21 March 2006. On 28 March 2008, 
shareholders of ParOS approved the disposal of its principal trading subsidiary. 
Since that date, the directors of ParOS have been looking to acquire a suitable 
company or business which meets its investment criteria. On 30 March 2009 the 
shares were suspended from trading. 
 
 
ParOS entered into heads of terms relating to the proposed acquisition of the 
business of Worldlink on 25 February 2009 and is now preparing for admission of 
the enlarged entity to AIM. 
 
 
www.parostech.com 
 
 
 
 
About Worldlink 
 
 
Worldlink was established in 1998 to develop and market a real time financial 
market information system displayed on a mobile wireless device. 
 
 
The method is patent protected in the US and UK and has patents pending in 
Europe. 
 
 
The technology allows information held on the mobile device to be updated 
automatically without the need for a manual refresh. Information is delivered 
via a mobile telecommunications network in real-time, whilst intelligently 
minimising the bandwidth required to transmit the data. 
 
 
www.worldlinkits.com 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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