SCISYS Group plc redeems medium term notes ahead of acquisition by CGI
All notes issued under the AIM quoted group’s medium term note (MTN) programme have now been redeemed at maturity ahead of the group’s acquisition by CGI.
LGB Corporate Finance established a £5 million MTN programme for SCISYS – a leading supplier of bespoke software systems, IT-based solutions and support services – in December 2016 as part of the financing for the group’s acquisition of ANNOVA Systems GmbH. Notes with a maturity of three years were issued under the programme on the establishment date and these notes were fully repaid on 9 December.
On 18 December the group was acquired by CGI Inc., a Canadian-based leading independent IT and business consulting services firm. The acquisition was implemented by way of a court-sanctioned scheme of arrangement and LGB worked closely with the SCISYS management team and CGI throughout the process to agree the timeline and logistics in relation to the MTN programme and its repayment.
Commenting on the completion of the acquisition, Mike Love, Chairman of SCISYS, said: "With the completion of the acquisition of SCISYS by CGI the current directors of SCISYS will be resigning and will be replaced by new directors appointed by CGI. This marks the end of a 40-year epoch during which SCISYS traded as an independent company. Its growth and success over this period has been entirely due to the collective efforts of many individuals. It has been an honour and pleasure to work alongside so many talented individuals during this period. I and all my board colleagues wish to thank each and every one, past and present, in the SCISYS team for their many contributions. We wish the current team and CGI every success going forward."