Minerva Equity Limited - 31 March 2019 Final 19.08.2019 - Flipbook - Page 71
Minerva Equity Limited (formerly DMWSL 881 Limited)
Notes to the financial statements
for the period ended 31 March 2019 (continued)
31 Business combinations (continued)
Group
Acquisition of Avonline Network Services Holdings Limited
On 29 March 2019, M Group Telecoms Limited (formerly Magdalene Holdings Limited) acquired
control of Avonline Network Services Holdings Limited through the purchase of 100% of the share
capital for total consideration of £6.1 million. The Avonline Network Services Holdings Limited group
of companies is a leading telecommunications infrastructure provider offering specialist services to
clients operating in the public and private, fixed and mobile segments of the telecoms market.
Management have estimated the useful economic life of the goodwill to be 10 years.
The acquisition of 100% of the share capital was made entirely in cash consideration.
For cash flow disclosure purposes, the amounts are disclosed as follows:
£m
Cash consideration paid
4.6
Directly attributable costs
1.5
Cash outflow on acquisition
6.1
Less: cash and cash equivalents acquired
Net cash outflow
(1.4)
4.7
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