Payment of Earn-out Consideration (1349Z)
January 10 2011 - 1:00AM
UK Regulatory
TIDMEVN
RNS Number : 1349Z
Environ Group (Investments) PLC
10 January 2011
10 January 2011
Environ Group (Investments) Plc ("the Company")
Payment of Earn-out Consideration
On 16 December 2009 the Company entered into an acquisition
agreement ('Acquisition Agreement') with Neil Chapman and
Christopher Arnott ('the Vendors'), pursuant to which the Company
acquired the entire issued share capital of Intumescent Protective
Coatings Limited ("IPCL").
As a result of IPCL achieving its earn out target for the year
to 31 July 2010, the Vendors are due to be paid additional
consideration of, in aggregate, GBP155,003, which is to be payable
as to GBP38,751 by way of the issue and allotment of ordinary
shares ("Ordinary Shares") of 1p each in the capital of the Company
('Additional Consideration Shares') which are to be issued at a
price of 7p per share, and GBP116,252 in cash, in accordance with
the Acquisition Agreement.
This will result in a total of 553,580 Ordinary Shares being
issued.
Immediately following the issue and allotment of the Additional
Consideration Shares, the Company's issued share capital will
increase to 137,684,623, of which the Vendors holding will be as
follows:
Number of Ordinary Number of
Shares prior to Ordinary Shares
earn out being post earn out Percentage holding
achieved being achieved post earn out
Neil Chapman 5,378,151 5,654,941 4.11%
Christopher Arnott 5,028,151 5,304,941 3.85%
Application is being made for the Additional Consideration
Shares to be admitted to trading on AIM with admission expected to
take place on 13 January 2011.
For further enquiries, please contact:
Environ Group (Investments) Plc
Mark Sims, Chief Executive Officer Tel: +44 (0) 1782 826939
Nominated Advisor
Grant Thornton Corporate Finance
Gerry Beaney/Adam Suggett Tel: +44 (0) 20 7383 5100
Broker
Seymour Pierce Limited
Jacqui Briscoe Tel: +44 (0) 20 7107 8000
Financial PR
Bishopsgate Communications
Duncan McCormick/Natalie Quinn Tel: +44 (0)20 7562 3350
environ@bishopsgatecommunications.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEDKODQABKDBDK
Europe Vision (LSE:EVN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Europe Vision (LSE:EVN)
Historical Stock Chart
From Jul 2023 to Jul 2024