UK - ECI backs £33m Ascribe de-listing

Ashley
17 December 2008

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ECI Partners has backed the management buyout of AIM-listed Ascribe Plc, which provides a range of IT solutions to the healthcare industry, for a total consideration of £33.3m.

The recommended cash offer equates to a per share price of 28 pence, which represents a premium of 55.6% to the 18 pence per share flotation price and a similar premium to the price on 14 July 2008, when the approach to the Independent Directors was clarified. The deal was led by CEO Stephen Critchlow, COO Chris Dickson and FD Jeremy Lee, and was supported by a debt package provided by Yorkshire Bank's Corporate & Structured Finance team.

Bolton-headquartered Ascribe was originally founded in 1984 by Critchlow and Jones, a pharmacist and doctor respectively. The company provides a range of software solutions to hospitals, including e-prescribing, pharmacy, mental health, patient administration/EPR and A&E systems. The business was floated on AIM in December 2004, and employs over 270 personnel in the UK, East Africa, Hong Kong, Malaysia, Australia and New Zealand.