Xpediator PLC Issue of Equity (2631D)
June 25 2019 - 1:01AM
UK Regulatory
TIDMXPD
RNS Number : 2631D
Xpediator PLC
25 June 2019
25 June 2019
The information communicated 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.
Xpediator Plc
("Xpediator" or the "Group")
Issue of Equity
The Board of Xpediator, (AIM: XPD), a leading provider of
freight management services across the UK and Europe, notes that
pursuant to the acquisition of Regional Express Limited ("Regional
Express"), as announced on 6 November 2017, a final deferred
consideration payment of up to GBP350,000, based on the performance
of Regional Express is payable to the vendors of Regional Express.
Regional Express has recently secured a potentially significant
framework contract which will require additional investment that is
expected to impact upon Regional Express's ability to reach its
profit target under the deferred consideration arrangements. The
Board has therefore agreed to pay the maximum deferred
consideration to allow the management of Regional Express to
develop this potential significant new business opportunity and to
focus on the longer-term growth opportunities for Regional
Express.
The deferred consideration payment will be settled by the
payment in November 2019 of GBP315,000 in cash and the issue of new
ordinary shares in the Group to the value of GBP35,000 at the
prevailing rate in November 2019 to the vendors of Regional Express
(the "Deferred Consideration Shares").
Details of the Deferred Consideration Shares
Application will be made for the Deferred Consideration Shares,
which will rank pari passu with the existing ordinary shares of 5
pence each in the Group, to be admitted to trading on the AIM
market of the London Stock Exchange ("Admission"). It is expected
that Admission will occur during November 2019.
The vendors have agreed not to dispose of the Deferred
Consideration Shares for a period of twelve months from the date of
issue without the prior consent of the Company's nominated adviser
and joint broker, SP Angel Corporate Finance LLP, and the Company's
joint broker, Cantor Fitzgerald Europe.
Enquiries
Xpediator plc Tel: +44 (0)330 043
2395
Stephen Blyth, Chief Executive Officer Email: info@xpediator.com
Stuart Howard, Chief Financial Officer
SP Angel Corporate Finance LLP (Nominated Advisor Tel: +44 (0)20 3470
& Joint Broker) 0470
Jeff Keating
Caroline Rowe
Cantor Fitzgerald Europe (Joint Broker) Tel: +44 (0)20 7894
7000
David Foreman, Michael Boot (Corporate Finance)
Caspar Shand Kydd (Sales)
Novella Communications (Financial Public Relations) Tel: +44 (0)20 3151
7008
Tim Robertson
Fergus Young
About Xpediator:
Xpediator is a well-established international provider of
freight management services. Established in 1988 by Stephen Blyth,
the Group's international network of offices provides road, sea and
air freight services, together with logistics and warehousing in
the UK and Romania. The business offers integrated freight
management within the supply chain logistics and fulfilment sector,
through its three main areas: freight forwarding, logistics &
warehousing and transport services. With headquarters in Braintree,
Essex and country offices in nine CEE countries across 38 sites,
the Group currently employs 938 people and was successfully listed
on London's AIM market in August 2017.
For more information, please visit: www.xpediator.com.
Alternatively, do follow us on Twitter at @Xpediator or find us
on LinkedIn at Xpediator Plc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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