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May 22, 1988

BLICK INTERNATIONAL TO ACQUIRE PROGRAMS AT WORK

By CBR Staff Writer

Swindon-based time-recording and Minitel specialist Blick International Plc is to acquire time-recording and local authority software developer Programs At Work Ltd, which did UKP69,000 pre-tax on sales of UKP1.4m in the year to last June, for up to UKP3m: the elements are UKP1.5m cash, UKP1m of non-interest bearing loan notes convertible into 500,000 Blick shares in January 1991, or exchangeable for cash from October 1988 to the end of 1990, the cash value being equal to the then ruling price of Blick shares in the market; up to UKP500,000 will also be paid in 1989 if pre-tax profits for the 12 months to end-September are at least UKP200,000.

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