AppScatter eyes reverse takeover of Airpush
App management and data intelligence platform provider AppScatter intends to acquire monetisation specialist Airpush as part of a reverse takeover.
AppScatter hopes to fund the acquisition by way of a firm cash placing of 3.3m new ordinary shares at 26.80p a piece, aimed at collecting a total of £885,000. The AIM-listed outfit will then launch a second placing aimed at raising a further £1.3m following further commitments from investors.
Placees will also be granted warrants to subscribe to a further £2.2m worth of ordinary shares, exercisable over 24 months.
Given the nature of the acquisition, trading in AppScatter's shares will be suspended until such time as it publishes an admission document in relation to the acquisition, expected by early June.
Chief executive Philip Marcella said: "The merging of the two companies will create a single, end to end platform for the management and monetisation of mobile apps for developers and publishers worldwide.
"Generating new revenue streams, improving data quality and increasing resources will significantly enhance the group's market position. The board firmly believes that the proposed acquisition will increase value for shareholders."
As of 0840 BST, AppScatter shares had dipped 0.29% to 17.20p before suspension.