APC Technology to take over Green Compliance for £4.8m

30th Jul 2014 16:31

Water hygiene and treatment business Green Compliance has agreed to a £4.8m takeover by APC Technology to help it expand its business.Green Compliance, which made an annual net loss of £538,000 against losses of nearly £12m a year ago, said the all-share offer valued Green Compliance at about £4.76m, representing an offer price of 1p per Green Compliance share.Green Compliance, which has sold off other businesses to leave it with its water hygiene and treatment operation, said it had agreed to the takeover because its recent trading history and its restricted access to funding may limit its growth prospects in the sector. The group said: "We're hopeful the potential acquisition will complete and give the Green Compliance water business, its staff and customers, that enlarged platform on which it can grow."Shares in Green Compliance closed 0.4p or 27.8% down at 0.98p. APC Technology's stock rose 0.25p or 0.7% to 35.75p.PW