NEWS19 January 2009

IQ board approves buy of Illuminas assets

£1.5m buy of fieldwork and viewing facilities units goes ahead

UK— The board of IQ Holdings, owner of IQ Research, has approved a deal to buy parts of the Illuminas research business from Media Square.

At a general meeting last week, IQ’s board agreed to buy interviewing agency Viewpoint Field, the Viewpoint Studios viewing facilities and CATI and CAWI centre The Wire in a deal totalling £1.5m.

The cash and shares purchase is being financed in part by a £750,000 share placing.

IQ has applied for the new shares to be admitted to the stock exchange. They will be worth 56.6% of the enlarged business, to be admitted to the stock exchange. A further £250,000-worth of shares will go to Media Square as part of the deal, giving it an 18.9% stake in IQ, leaving existing shareholders with 6.5% of the business. The remaining proportion will be held by the broker and introducer involved in the deal.

The placing is expected to be finalised within a week of today, and will increase IQ’s market capitalisation to around £1.3m when the new shares are admitted to the market.

Author: Robert Bain

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