Journeo plc (AIM:JNEO) entered into a conditional agreement to acquire Infotec Limited for approximately £8.7 million on December 21, 2022. Pursuant to the acquisition, the Journeo will pay an initial cash consideration of approximately £6.2 million and £0.5 million payable in 476,190 new ordinary shares at the placing price on completion, with deferred cash consideration of £2 million, payable in two tranches prior to the date that is 24 months following Completion. In order to primarily finance the acquisition, the Journeo has conditionally raised gross proceeds of £7 million by way of a placing and subscription of a total of 6.6 million new ordinary shares of 6.5 pence each, comprising 6.14 million new ordinary shares in relation to the placing at a price of £1.05 pence per ordinary share with new and existing institutional and other investors and a subscription for 0.52 million new ordinary shares at the placing price in relation to the subscription. Following Completion, Infotec's sole shareholder Timothy Court and its chief operating officer Neil Scott will remain as senior Journeo employees. The placing is conditional on, inter alia, shareholder approval of certain resolutions to be proposed at a general meeting of the Company to be held on January 13, 2023. Separately, the seller shall also enter into a lock-in agreement with effect from completion between Cenkos, the Journeo and the Seller in which the Seller further undertakes not to sell, transfer or otherwise dispose of, or create any encumbrance over, any of the consideration shares, or enter into any agreement to do so, for 24 months, except in certain limited specified circumstances. The transaction is expected to close on January 18, 2023. Katy Birkin and Callum Davidson of Cenkos Securities plc (AIM:CNKS) acted as financial adviser to Journeo. Samantha Myers of Gowling WLG International Limited acted as legal advisor to Cenkos Securities. David Newborough and team of Ashgates Corporate Services Ltd., Corporate Finance Arm acted as financial advisors to selling shareholder of Infotec and Martyn Brierley and team of Flint Bishop Solicitors acted as legal advisors to selling shareholder of Infotec in this transaction.

Journeo plc (AIM:JNEO) completed the acquisition of Infotec Limited on January 18, 2023.