Moore Business Systems taken over by Argus
Share-only deal values long established business and forms printing company at $15.4million.
A Christmas Eve general meeting of publicly listed Argus Solutions Limited put a halt to trading in its shares in order to reorganise its finances and formalise a bid for Moore Business Systems (MBS). On the successful completion of the deal and the raising of more than $4 million through a public share offer, David Glavonijic, CEO of MBS, was appointed managing director of Argus.
The former owners of MBS, led by Amir Hyster, were allocated 51 million Argus shares and were made directors of the company. In recent months MBS has transformed itself into a digital company expanded its operations under Glavonijic, winning a number of contracts, notably the forms business for WA Health.
Argus Solutions presents as providing identity management applications and solutions. The company expects to resume trading of its shares on the ASX in the near future.
In a statement to the ASX, Glavonijic said the new board is a source of strength for the company. “The Company will continue to evaluate opportunities to generate earnings growth with business acquisitions, joint ventures and strategic alliances with customers, suppliers and channel participants,” he said.
MBS is one of the longest established business and forms printing companies in the industry. Its Albury manufacturing site has one of the largest range of presses in the business.
