Expansys shareholders agree takeover of DSNS and PJ Media in move to grow online presence
Expansys shareholders have agreed to the reverse takeover of Data Select Network Solutions (DSNS) and PJ Media.
Shareholders agreed proposals to move for DSNS and PJ Media for a combined consideration of £38 million together with a placing of 535,714,286 new ordinary shares at 5.6 pence per share to raise £30 million before expenses.
Entrepreneur Peter Jones (pictured) is a key shareholder in all three companies, although will see his holding in Expansys reduced from an overall majority share to the largest percentage share after the deal.
Expansys’ directors said the acquisitions of DSNS and PJ Media are the first stage in a strategy to make Expansys a leading global online technology superstore. Directors believe that the opportunity presented by the acquisition of DSNS, which specialises in the B2B sale of SIM cards in the UK, will open up the whole network-connected market to Expansys and enable it to offer a complete mobile solution to a far greater number of customers.
The directors aim to grow the presence of the enlarged Expansys in Europe initially and, eventually, in the USA and Asia, where it has existing operations.
Expansys chairman Bob Wigley said: “We are delighted that the acquisitions of DSNS and PJ Media have been approved.
“The strategic synergies created by bringing these businesses together under Expansys are compelling and will propel Expansys forward in terms of what we can offer to customers. The funds that we now have in place, together with an increasingly experienced management team, mean that we can accelerate the business model.
“Our ambition is, ultimately, to become the international market leader in this space.”