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ISA links up with Daisytek

Delists from Stock Exchange

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ISA International, Europe's biggest computer supplies distie is joining forces Daisytek, in a move that will see its US counterpart take over the company.

Daisytek is pumping in &163;10m into ISA, receiving &163;8m worth of convertible preference shares that give it the right to own 50 per cent+1 share of ISA's enlarged share capital - anytime over the next 10 years.

Daisytek also gets 2m worth of warrants for subscription of 15.4 million ordinary shares in ISA, exercisable at Daisytek's option.

It will be interesting to see what ISA's shareholders will make of the proposal: considering that Leed's-based ISA International is a #163;300m t/o business, it looks likes Daisytek is driving a hard bargain indeed.

With ISA, Daisytek realises its ambition of plugging in Western Europe into a global computer and office supplies distribution network. And it does this far more cheaply than if it had tried to do this organically.

Following the transaction, ISA International will delist from the London Stock Exchange, moving instead to AIM, which requires a smaller percentage of shares in free float. ®

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