17 October 2018 | Herpreet Kaur Grewal
PTSG, a niche specialist services provider, is proposing to purchase Guardian Electrical Compliance Ltd, a Sheffield-based electrical testing and compliance company, for an initial cash consideration of £12 million.
Guardian will be acquired with about £1 million in cash on its balance sheet.
PTSG also intends to conduct a non-preemptive cash placing to raise gross proceeds of £20 million to fund the purchase, associated costs and to support future acquisitions.
Deferred consideration of up to £4 million is also payable over the next three years, in cash or shares at PTSG's discretion, subject to Guardian meeting stretching performance targets.