Silverdell buys a bit of itself to save itself.

Silverdell made a further announcement today following on from its statement of why its shares were suspended on AIM a few weeks ago.

Silverdell announces that on 23 July 2013 its subsidiary, Euro Dismantling Services Ltd ("EDS") acquired the business and certain assets of Kitsons Environmental Europe Limited (In Administration) (the "Kitsons Business"), thereby keeping the Kitsons Business within the Group. The Kitsons Business will operate as a separate division of EDS, with the objective of maximising cost efficiencies between the existing EDS division and the Kitsons Business and to facilitate a seamless transfer of ongoing customer contracts and relationships to EDS.

The consideration for the acquisition is payable in cash on a deferred basis and is capped at £8 million (subject to downward adjustment (if applicable) following the completion of a valuation of the Kitsons Business by an independent valuer). The deferred consideration is intended to be satisfied from the Group's banking facilities at that time.

http://www.digitallook.com/news/rns/21047864-188986/SID-Acquisition_html?ac=,&username=,

Looks like what has turned out to be a fairly costly mistake has been made somewhere along the line. The company is getting support from its bankers, but it could end up looking to raise more cash at some stage. Shareholders might be wondering what the share price will look like when the suspension is finally lifted, but I suppose they can be thankful that they will still have something rather than nothing which many might have feared a couple of weeks ago.