03/11/2006
Biotechnology company Kiotech International PLC said it will buy Agil, the animal feed additives division of Lawrence PLC in a reverse takeover for 5.5 mln stg.
Of the 5.5 mln stg, Kiotech will pay 5.25 mln in cash and 0.25 mln via issue of 8.3 mln shares.
The acquisition is expected to be complete by Nov 28, the company said.
Richard Edwards will join the company as chief executive from the same date. He was previously director of WF Electrical, a division of Dutch multinational Hagemeyer.
Lawrence plans to use cash proceeds of the sale to fund registrations with ECO Animal Health in Europe, Japan and the US.
Agil's turnover for the year ended March 30, 2006 was 5.23 mln stg.
