Time recording specialist Blick Plc, Swindon, Wiltshire is quietly growing into a very substantial company in its unglamorous but rewarding field of time recording, and on Friday it announced agreement to buy the Time & Security business of the Mercury Communications Ltd arm of Cable & Wireless Plc, for UKP57.6m; it wants shareholders to bankroll the bid by subscribing UKP20m via a two-for-nine rights issue at 370p per share against 440p in the market after the news. Time & Security, part of the Telephone Rentals acquisition, rents, sells, installs and maintains time management systems, radio paging and public address systems, and fire and security systems. Some UKP40.7m of the UKP57.6m purchase price will be payable on completion, another UKP10m on July 1 1994 and UKP6.9m on April 1 1995, Blick explained.
