IES and SDA create Protec

By THIS IS MONEY
Updated:

 

It's goodbye to Watford's SDA Group, hello Protec Plc, as the latter reverses into another security systems specialist, IES Group.

IES is paying £6.5m for SDA, £2m of it in cash, funded by a placing and open offer to raise £2.9m net of expenses through the issue of 50m new shares at 7p, 1/2p below the suspension price.

IES, which is listed on the Alternative Investment Market, has lost heavily on investing in digital security systems but SDA, which provides security at prisons, nuclear power stations and the Ministry of Defence, has not been so badly hit.

SDA's Bob Wescott becomes deputy to IES's Philip Parker as chairman of the enlarged group, while SDA's Bill Moir becomes chief executive.

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