IQ board approves buy of Illuminas assets
UK— The board of IQ Holdings, owner of IQ Research, has approved a deal to buy parts of the Illuminas research business from Media Square.
At a general meeting last week, IQ’s board agreed to buy interviewing agency Viewpoint Field, the Viewpoint Studios viewing facilities and CATI and CAWI centre The Wire in a deal totalling £1.5m.
The cash and shares purchase is being financed in part by a £750,000 share placing.
IQ has applied for the new shares to be admitted to the stock exchange. They will be worth 56.6% of the enlarged business, to be admitted to the stock exchange. A further £250,000-worth of shares will go to Media Square as part of the deal, giving it an 18.9% stake in IQ, leaving existing shareholders with 6.5% of the business. The remaining proportion will be held by the broker and introducer involved in the deal.
The placing is expected to be finalised within a week of today, and will increase IQ’s market capitalisation to around £1.3m when the new shares are admitted to the market.
Author: Robert Bain
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