Accesso Technology Group PLC Ingresso earn-out payment & subscription of shares (0873N)
May 03 2018 - 11:16AM
UK Regulatory
TIDMACSO
RNS Number : 0873N
Accesso Technology Group PLC
03 May 2018
3 May 2018
accesso(R) Technology Group plc
("accesso" or the "Company")
Ingresso earn-out payment and subscription of shares
The Board of accesso Technology Group plc (AIM: ACSO), the
premier technology solutions provider to leisure, entertainment and
cultural markets, is pleased to announce that it has today agreed
to pay the earn-out consideration in respect of its 30 March 2017
acquisition of Ingresso Group Limited ("Ingresso").
Ingresso's financial performance has been in line with the
Board's expectations, with the earn-out based on achieving
financial performance for the year ended 31 December 2017,
exceeding its financial performance during the same period in
2016.
The agreed earn-out payment being made by the Group is
GBP7,228,379 and will be paid in cash from the Group's existing
cash resources. The earn-out payment was capped at
GBP10,500,000.
Under the terms of the subscription agreement as set out in the
announcement also dated 30 March 2017, Bart Van Schriek, Chief
Executive Officer of Ingresso, committed to applying 40% of his net
earn-out proceeds to subscribing for further new ordinary shares of
1 pence each in the Company ("Ordinary Shares"), at GBP15.78 pence
per Ordinary Share. Based on the above earnout payment, Bart Van
Schriek, is therefore now subscribing for 22,970 Ordinary Shares
("Subscription Shares").
These Subscription Shares will be subject to restrictions on
disposal for a period of two years, whereby Bart Van Schriek, is
prohibited from making any disposal of two thirds of the stock for
the first 12 months, with half of such shares being released from
the restriction at the end of each 12 month period from the date
issued.
Application will be made shortly for the 22,970 Subscription
Shares to be admitted to trading on AIM, with admission expected to
take place at 8:00am on 9 May 2018 ("Admission"). Following
Admission of the Subscription Shares, the Company will have a total
of 27,000,925 Ordinary Shares in issue.
This above figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in the Company. The Company does not hold any shares in
treasury.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
For further information, please contact:
accesso Technology Group plc +44 (0)118 934 7400
Tom Burnet, Executive Chairman
Paul Noland, Chief Executive Officer
John Alder, Chief Financial Officer
FTI Consulting, LLP +44 (0)20 3727 1000
Matt Dixon, Adam Davidson
Canaccord Genuity Limited +44 (0)20 7523 8000
Simon Bridges, Richard Andrews
Numis Securities Limited +44 (0)20 7260 1000
Simon Willis, Mark Lander
About accesso Technology Group
At accesso, we believe technology has the power to redefine the
guest experience. Our patented and award-winning solutions drive
increased revenue for attraction operators while improving the
guest experience. Currently serving over 1,000 clients in 27
countries around the globe, accesso's solutions help our clients
streamline operations, generate increased revenues, improve guest
satisfaction and harness the power of data to educate business and
marketing decisions.
accesso stands as the leading technology provider of choice for
tomorrow's attractions, venues and institutions. We invest heavily
in research and development because our industries demand it, our
clients benefit from it and it makes a positive impact on the guest
experience. Our innovative technology solutions allow venues to
increase the volume and range of on-site spending and to drive
increased transaction-based revenue through cutting-edge ticketing,
point-of-sale, virtual queuing, distribution and experience
management software.
Many of our team members come from backgrounds working within
the attractions and cultural industry. In this way, we are
experienced operators who run a technology company serving
attractions operators, versus a technology company that happens to
serve the market. Our staff understands the day-to-day operations
of managing complex venues and the challenges this creates, and
together we strive to provide our clients and their guests with
technology that empowers them to do more and enjoy more. From our
agile development team to our dedicated client service specialists,
every team member knows that their passion, integrity, commitment,
teamwork and innovation are what drive our success.
accesso is a public company, listed on AIM: a market operated by
the London Stock Exchange. For more information, visit
www.accesso.com. Follow accesso on Twitter, LinkedIn and
Facebook.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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