Four Soft Board approves acquisition of Transaxiom Holding A/S, Denmark

Four Soft Ltd has announced that the Board of Directors of the Company at its meeting held on December 20, 2006 has considered and approved the following business:

1. The acquisition of Transaxiom Holding A/S, a Denmark based Company including its subsidiaries in Denmark and Australia, for a valuation of approximately US$ 10 million, the consideration will be paid by 60% cash and 40% stock. The initial stock purchase consideration of 35% will be made by allotment of 17.70 Lac equity shares at price of Rs 75/- per share to Winning Alliance ApS, FH holding ApS and Paul Rene Larsen, Sellers of the acquired Company.

The Board meeting is adjourned to meet on December 22, 2006 to consider the other items of the following business:

i) To consider raising of capital by issue of shares / warrants to select group of Investors / Institutions on preferential basis.

ii) To consider raising of additional capital by way of issue of ADR / GDR or Bonds or Debentures.

Source : Equity Bulls

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