Tuesday 22.07.2008

Halliwells Advises XSN plc on AIM Reverse Takeover

AIM market still active for M&A deals despite credit crunch

The London Corporate Team of national law firm Halliwells has advised long-standing client XSN plc, an AIM-quoted cash shell, on their reverse takeover of telematics business, MarineTrack. The transaction was announced on 3 July and is subject to approval by XSN's existing shareholders at an Extraordinary General Meeting on 28 July 2008.

MarineTrack is a telematics business supplying tracking, alert, alarm, monitoring and messaging solutions mainly to the commercial and recreational maritime markets. XSN plc will acquire the entire issued share capital of MarineTrack for a consideration of
£1,475,000 which will be satisfied by the issue of shares to existing MarineTrack shareholders at 0.4 pence a share. The market recapitalisation of the company on readmission to AIM is expected to be in the region of £2,562,000. XSN will change its name to MarineTrack PLC upon readmission to the market.

Catherine Moss, a Partner in the London Corporate Team at Halliwells, who led the team on the transaction, comments:

"We are delighted to have acted for XSN on this reverse takeover. Despite its size, this was a complex and interesting deal. It proves that there is still scope for M&A activity on AIM, despite predictions of doom and gloom from many commentators."

XSN's Nominated Adviser is Grant Thornton and its broker is Dowgate Capital Stockbrokers Limited. Tim Jackson Smith, a partner in the Manchester Corporate Team at Halliwells, acted for Grant Thornton and Dowgate Capital Stockbrokers Limited. John Turnbull, Corporate Partner at Bircham Dyson Bell acted for Marine Track Limited.

About Halliwells

Halliwells is one of the UK's leading multi-disciplinary law firms with over 1000 people and offices in Manchester, Liverpool, London and Sheffield



Press Office Details
Charlotte Mather
Spada
Tel: 0207 269 1430
Email: charlottemather@spada.co.uk