Block Shield expands technology portfolio with Mu-Gahat buy
Friday, May 16, 2008
Electronics group Block Shield has agreed a deal worth £9.8 million to buy Mu-Gahat Holdings Inc, a developer and producer of custom Radio Frequency Identification (RFID) and gaming technology.
Gary Koos, acting chief executive officer of Block Shield, said by merging the two highly complementary businesses, Block Shield would be able to offer a broadened suite of products and services and would be placed in a prime position to exploit new opportunities in a wider range of sectors including the gaming industry.
Edwin Oh, currently a director of Mu-Gahat, will join the board of Block Shield as chief executive.
Block Shield is funding the deal through 29,605,263 ordinary shares at a placing price of 33 pence each. That represents 39pc of the company and values them at £9.8 million. A further £4.2 million is being raised in a share placing to fund working capital requirements.
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