On 19 December, RS2 Software plc announced that by means of a deed dated 16 December 2008, the Company acquired land in Mosta, measuring approximately 5,757 sqm, for a total consideration of €3.3 million. The consideration for the land and the subsequent development of offices will be partially financed from internal sources whilst the remainder will be financed through a loan from a local banking institution. The Directors are of the view that the terms of the agreement and the acquisition are on normal commercial terms and in the interest of the Company and all shareholders. Moreover the Directors are of the view that this acquisition provides an opportunity to expand the Company’s base and facilitate its development.
RS2 intends to occupy this land for its own use which should result in considerable savings in the long-term. A full development permit in respect of the acquired land has already been issued. Moreover MEPA has also accepted an application for change of use of the land to better accommodate the Company’s requirements.