Source - SMW
Animalcare Group has agreed to acquire Ecuphar NV, a European animal health company focused on the development and sale of veterinary pharmaceutical products.

The acquisition constitutes a reverse takeover under AIM Rules and is conditional upon shareholder approval.

Animalcare said the consideration for the acquisition was structured on a consolidated Animalcare/Ecuphar enlarged issued share capital ratio of 37:63 (after taking into account dilution from certain Animalcare incentive arrangements).

It said this would be satisfied through the issue of consideration shares and cash to the Ecuphar vendors. 

It said the cash component would be satisfied in part through a placing of approximately 8.6 million new placing shares (representing approximately 40.4% of the existing issued share capital) to raise gross proceeds of not less than £30.0m, with the balance (of £4.0m) to be funded by existing cash held by the group.