The board of Scientific Digital Imaging, a group focused on the scientific application of digital imaging technology, has announced the acquisition of Opus Instruments from its founder shareholders for consideration of up to £1,325,000 payable in cash and shares. Laurence Robinson, one of the founders of Opus, will continue to provide consultancy services to Opus following completion.
Opus is the manufacturer of the Osiris camera, which the board of SDI believes is the first camera for infrared reflectography to provide high resolution high speed images in a portable camera. The Osiris cameras have been used predominately in art galleries and museums around the world to examine numerous works of art. The Board of SDI antipates that the Osiris cameras will enhance SDI’s current product offering and intends to explore further applications for the technology beyond its current use.
Ken Ford, chairman of SDI, commented: ‘This is an exciting acquisition for SDI and we plan to explore further applications for the infrared imaging system beyond art restoration. We believe that the Osiris camera unit will complement SDI’s existing portfolio of high specification and performance Atik and Artemis cameras and we expect it to be earnings enhancing in the next financial year.’
SDI will pay up to £1,325,000 for the acquisition of Opus and the issue of 2,601,156 new SDI ordinary shares. The Consideration Shares have a value of £450,000 based on the average of the five most recent daily mid market closing prices calculated at the close of business on 11 February 2014.
To facilitate the acquisition of Opus, SDI has entered into a software licence with Silfensoft in relation to software required to operate the Osiris cameras. The consideration for the software licence consists of a payment in cash of £25,000, and the issue of 141,242 new SDI ordinary shares (the Silfensoft Shares).
Separately, a former employee of the Company has exercised share options and the Company has issued 28,000 new SDI ordinary shares (the Option Shares).
