Ansys raises R17.2m to fund Parsec buy-out
JSE-listed industrial conglomerate Ansys has raised R17.2-million through the issue of 42.4-million ordinary shares to partly fund the acquisition of Parsec Holdings and for working capital requirements.
In November, the company entered into a R93.2-million acquistion agreement with engineering solutions provider Parsec, to expand into new markets and diversify its income streams. Ansys would effectively acquire 100% of all companies in the Parsec group, save for Redline Technologies, in which it will hold a 75% stake.
The purchase consideration would be paid in cash and shares.
“The Parsec acquisition meets the key criterion of boosting our intellectual property capacity and cache. The 45 incoming highly skilled engineers will help entrench the group as an innovator in its field,” CEO Teddy Daka said last year.
He noted that although Parsec served the same industries as Ansys, there was minimal overlap in product and services, enabling Ansys to offer new solutions to existing markets.
The shares would be issued on April 8, at 36c a share, representing a discount of 8.95% to the 30-day volume weighted average price of Ansys preceding March 3, the date the directors agreed to issue the shares.
This general issue equated to 17.32% of the total shares in issue before the general issue for cash.
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