Serial buy-and-build entrepreneur Ian Smith has upped his stake in security outfit Accumuli after exercising the remainder of his put-and-call option.
Smith, who serves as a part-time executive director of the Basingstoke-based firm, has acquired 7,435,898 shares through investment vehicle MXC Capital. The channel veteran now holds almost 21 million shares in the company, equating to 14 per cent of the total of just under 150 million.
The latest batch of shares was acquired by Smith at a cost of 6.5p each. Accumuli is currently trading at a share price of 11.12p. Its total market capitalisation stands at £15.7m.
Smith entered into the option in January 2010, and it was partly exercised in November of that year to help with the acquisition of Tuscany Networks. Today the former Xploite chief executive has exercised the rest of the option, and Accumuli non-executive chairman Nick Kingsbury claimed this move marks the end of the beginning for the company.
"The exercise of the option brings to a close the first part of the corporate activity which has formed the current, successful base from which we operate today," said Kingsbury. "Ian Smith has been instrumental in this process in both the identification of appropriate acquisition targets and the foundation of the group's strategy. The exercise of the final tranche of the MXC option indicates the confidence Ian has in the company's prospects."
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