Silvermines pays £4.5m for UK group

Silvermines, the engineering and technology company, has succeeded in taking over Active Imaging, a publicly-quoted British manufacturer of products for digital imaging. The £4.5 million sterling offer has been declared unconditional following acceptance from shareholders representing 89.17 per cent of the issued ordinary shares. The offer has now been extended to January 14th. Mr Bob Morton, chairman of Silvermines, said the deal formed an excellent strategic fit for Silvermines. Active Imaging has been incurring losses. Silvermines, which has a history of turning around loss-making acquisitions, offered 17 new Silvermines shares for every 92 Active Imaging ordinary shares.