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Gladstone strengthens board

publication date: Jun 1, 2008
author/source: Ed Tranham

Gladstone has strengthened its board to defend itself from the predatory interest of Canadian-based Constellation Software which recently acquired 28.95% of the AIM-listed company’s equity. Robert Critchlow, an IT industry veteran joins the board as a non-executive director.

The growing Constellation has completed 11 acquisitions in the public sector area since the beginning of 2007 and in April 2008 added the UK-based 2K Technology Group to its portfolio. To fund its expansion and working capital requirements Constellation last month established a new, syndicated, revolving credit facility for $105m to replace its previous $50m. Constellation looks like a company that doesn’t take no for an answer.


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