Beeks Financial Cloud Group PLC Velocimetrics earn-out payment and issue of shares (1075I)
December 09 2020 - 7:14AM
UK Regulatory
TIDMBKS
RNS Number : 1075I
Beeks Financial Cloud Group PLC
09 December 2020
Beeks Financial Cloud Group plc
("Beeks" or the "Company")
Velocimetrics earn-out payment and issue of shares
09 December 2020 - Beeks Financial Cloud Group plc (AIM: BKS), a
cloud computing and connectivity provider for financial markets,
announces a payment of the earn-out consideration in respect of its
acquisition of Velocimetrics Limited ("Velocimetrics"), as
announced on 15 April 2020.
Velocimetrics's earn-out was based on achieving certain gross
revenue targets during the financial year ending 30 June 2020.
Further earn out consideration may become payable for the year
ended 30 June 2021.
The agreed earn-out payment being made by the Group shall be
satisfied by the payment of GBP48,890 in cash and by the issue of
430,946 ordinary shares of 0.125 pence par value each (the "Earn
Out Shares"). These Earn Out Shares will be subject to a 12-month
lock-in restriction subject to certain customary exceptions,
including with the prior written consent of the Company.
Application has been made to the London Stock Exchange for the
430,946 Earn Out Shares to be admitted to trading on AIM, with
admission expected to take place at 8:00am on 15 December 2020
("Admission"). Following Admission of the Earn Out Shares, the
Company will have a total of 51,703,322 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.
For further information please contact:
Beeks Financial Cloud Group
plc
Gordon McArthur, CEO via Alma PR
Fraser McDonald, CFO
+44 (0)20 7523
Canaccord Genuity 8000
Adam James / Angelos Vlatakis
Alma PR +44(0)20 3405 0212
Caroline Forde / Helena
Bogle / Josh Royston
ABOUT BEEKS FINANCIAL CLOUD
Beeks Financial Cloud is a leading cloud computing, connectivity
and analytics provider for financial services. Our cloud-based
Infrastructure-as-a-Service (IaaS) model allows financial
organisations the flexibility and agility to deploy and connect to
a variety of exchanges, trading venues and cloud service providers
at a fraction of the cost of building their own networks and
infrastructure. Based in the UK with an international network of 18
datacentres, Beeks supports its global customers at scale in the
leading financial centres.
For more information, visit: www.beeksfinancialcloud.com
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END
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