Eckoh PLC (AIM:ECK, OTC:EKTPF) (Eckoh PLC (AIM:ECK, OTC:EKTPF), Eckoh PLC (AIM:ECK, OTC:EKTPF)) Nik Philpot joins Proactive to talk about striking a deal to buy secure payments solutions rival Syntec for £31mln in cash and shares.
A £13.7mln placing has been launched to raise part of the £24.7mln cash element of the transaction, with £8mln from Eckoh's existing cash resources, £6.3m payable in new Eckoh shares and the balance to be funded by a new debt facility.
UK-based Syntec is an Ofcom-regulated network operator under the brand CardEasy, with a patent portfolio in the UK, US, EU and Australia.