Alphameric Plc, the Old Woking, Surrey-based keyboard manufacturer, is to dispose of its PC Communications unit by selling it to Termglobal Ltd, a company established to take it over. Alphameric announced its intention to sell the subsidiary last August (CI No 1,500) because, with its focus on communications hardware and software, the company was too far away from Alphameric’s core activities. And now Termglobal, a company whose shareholders includes PC Communications directors Keith Marsden and Alan Saul, has signed an agreement to purchase the subsidiary for a total cash consideration of UKP127,000, payable after shareholder approval has been obtained at an extraordinary general meeting on March 25. Additionally, Termglobal will assume bank borrowings related to the business of PC Communications, reducing Alphameric’s group borrowings by around UKP282,000. Also subject to shareholders’ approval at the general meeting will be the UKP400,000 that Alphameric borrowed last March from the LGH Pension Scheme, a self-administered scheme set up for the benefit of some principals and former principals of the company. Instead of repaying in cash, Alphameric signed an agreement in November to repay the loan in new company sharec.
