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Belluscura PLC on Tuesdsay appointed Pace Industries LLC’s chief financial officer, Simon Nicheril, as CFO immediately, following Tony Dyer’s decision to step down from the role, and also reached an agreement with TMT Acquisition PLC to buy the company for around £6.0 million.
Shares in Belluscura jumped 20% to 36.75 pence each in London on Tuesday afternoon, while TMT Acquisition shares were up 21% to 20.50 pence each.
The deal would value TMT’s shares at 21.82 pence each, a 25% premium to the three month volume weighted average price for TMT acquisition shares calculated for the period that ended on Monday.
Belluscura, a London-headquartered medical device developer, said Dyer will remain in the company
to ‘ensure a smooth handover’ and to ‘continue to support the business in the UK on a part-time basis.’
The decision to appoint a new CFO comes as it is in Belluscura’s best interest to ‘align its financial base alongside its operations in the US’, the company explained. Nicheril will be based in Texas.
Belluscura Chair Adam Reynolds said: ‘We are pleased to have Simon join the company as we expand operations in the US and globally. We greatly appreciate the hard work and dedication of Tony and are pleased he is staying with the company on a part-time basis.’
On Tuesday Belluscura also announced, alongside TMT Acquisition PLC, that the companies had reached an agreement for the the purchase of TMT for around £6.0 million.
TMT is a London-based acquisition vehicle in technology, media and telecommunications sector.
Belluscura also said on Tuesday it had raised £3.3 million ‘to drive manufacturing and sales and operations infrastructure to support transformational growth opportunity’, the company said. £2.7 million were raised via a conditional placing, and the remaining £600,000 were raised through an equity placing.
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