P&P Plc has chosen Belgium as the springboard for its continental ambitions, paying UKP2.17m upfront, UKP1.08m in 15 months and up to UKP1.5m more if the targets achieve UKP540,000 net profits for the year to November 1990, for Microcomputer Business Systems NV and Zeventem Electronic Development & Distribution NV. The money will be raised via a vendor placing, and P&P will simultaneously place 1.67m new shares to raise just over UKP3m to establish an appropriate level of capitalisation for the two companies and to finance their future growth. Five-year-old Microcomputer Business Systems, with 1988 sales of UKP6.3m, employs 61 people and is an IBM Personal Computer Dealer; it also handles Hewlett-Packard, Apple Computer and Toshiba products; it also deals in software and has networking, software evaluation, training and technical support operations. Zaventem Electronic is only two years old, but did UKP4.6m in the year to March and is the largest Hewlett-Packard distributor in Belgium. Both are based in Brussels; the vendors, Irishman Eoin O’Ciulleanain, American Merton Hale and Dutchman Michel De Vooght are retaining their posts.
