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mporium completes InTELEgentsia acquisition and hires new chairman

Published: 02:57 29 Sep 2015 EDT

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“Our new products are focused on the rapidly growing m-commerce market," Moat said

Mobile commerce group mporium (LON:MPM) told investors it has completed the acquisition of the remaining 49.999% interest in InTELEgentsia.

The acquisition, satisfied by the issue of £250,000 worth of mporium shares, is the next step in the group’s transformation and re-positioning.

It is one piece of the jigsaw being put together by new group chief executive Barry Moat.

"The new mporium products represent the next stage in the transformation of the business, which started with the announcements of 8 June 2015,” Moat said in a statement.

“Our new products are focused on the rapidly growing m-commerce market and we believe that they will have global reach. 

“The acquisition of the minority interests in InTELEgentsia consolidates mporium's IP ownership rights, which is vital given the unique and innovative nature of our products."

The new shares issued to acquire the InTELEgentsia stake are priced at 4.5p each, a discount of around 5.25% to yesterday’s middle closing price for mporium shares.

In a separate statement the company also announced the appointment of Nigel Walder as its new non-executive chairman with immediate effect.

Walder - who replaces Mike Hughes, retiring today – is chief information officer for corporate functions at Barclays Bank and was the founder and was chief executive of Business Control Solutions plc.

Moat added: "Nigel brings with him a wealth of knowledge and experience within not only the technology sector but also the global business environment.

“He is the perfect addition to our organisation and I am delighted to have him on board."

mporium, in a third statement, released financial results for a transitional six months to June 30.

The results themselves relate mainly to the company under its previous guise, as MoPowered Group, and as such have limited relevance to the new business plans.

mporium, in today’s statement, described the prior business as “uncommercial and largely inoperable”.

It highlighted a “poor performance” for the MoPowered business in the period under review, six months to June 30, with revenue reported at £559,065 and pre-tax losses amounted to £3.89mln.

Cash at the end of June - following a share placing in that month - totalled £2.6mln.

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