Leeds’ Getech completes acquisition of ERCL Limited

Leeds-based Getech, the geoscience business providing services to the oil, gas and mining exploration sectors, announced today that the agreement to acquire the entire issued share capital of ERCL Limited, an upstream oil and gas consultancy, has now been completed.

To complete the acquisition, Getech had to pay £1,750,000 in cash and issue 2,176,630 ordinary shares to Huw Edwards (870,652), Richard Heath (217,663), Steve Lawrence (217,663) and Chris Irons (217,663), who are all remaining at ERCL following the completion, as well as SAER Limited, which received 652,989 shares.

The newly issued shares have been applied to trade on AIM and it is expected that trading in the new shares will begin on 13 April 2015.

The agreement also states that that the shareholders set out above will retain their shares for fa minimum period of one year from completion.

There are no shares held in treasury, therefore the total number of voting rights in Getech will then be 32,492,814. This figure may be used by shareholders in the company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest under the Disclosure and Transparency Rules.

Furthermore, as of today one of the founding directors and shareholders of ERCL, William Huw Edwards (“Huw”), who was issued the most shares in the acquisition of ERCL by Getech, has been appointed the newest director.

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