Malvern International plc (AIM: MLVN), the global learning and skills development partner, is pleased to announce details of an acquisition and a placing to raise in aggregate up to £4.0 million, before expenses.
- Acquisition of Manchester based Communicate English School Limited, founded in 2013, for consideration of £2.34m, broadening Malvern’s UK footprint
- Malvern’s second acquisition as part of its acquisition strategy
- First acquisition, SAA-GE in Singapore acquired in November 2017, successfully integrated and delivering transformational growth opportunities
- Placing to raise £4.0m before expenses at 4 pence per Ordinary Share
- Support of existing shareholders in placing and introduction of new Institutional Shareholders to the share register
- Strengthened balance sheet for working capital purposes and to support further growth
- Malvern’s global proposition greatly strengthened by broader geographic and subject offering; complemented by momentum carried into 2018
Commenting on the Acquisition and Placing, the Chairman, Gopinath Pillai, said:
“The acquisition of Communicate, our second in seven months, illustrates the consolidation opportunities in our industry and Malvern’s ability to partner with willing vendors.
“The strength of offering students a wide choice of course subjects and locations, coupled with the flexibility of being able to study across multiple sites and online, sets Malvern apart.
“The new management team under Dr Sam Malafeh has a strong growth strategy which is starting to demonstrate its true potential which is very exciting. We look forward to updating the market on further progress in due course.”