Instem plc Logos Initial Earn Out Payment (0658Z)
February 03 2014 - 2:00AM
UK Regulatory
TIDMINS
RNS Number : 0658Z
Instem plc
03 February 2014
3 February 2014
Instem plc
("Instem" or the "Company")
Logos Initial Earn Out Payment
Instem plc (AIM: INS), a leading provider of IT solutions to the
global early development healthcare market, is pleased to report
that the initial earn out payment in respect of the acquisition of
the entire issued share capital of Logos Holdings Limited, along
with its subsidiaries, Logos EDC Solutions Limited and Logos
Technologies Inc. (together "Logos") has now been made.
As a result of Logos achieving its earn out target for the
period from 1 May 2013 to 31 December 2013, the Vendors have been
paid an additional consideration of, in aggregate, GBP450,000
("Period One Contingent Consideration"), comprising GBP200,000 in
cash, and GBP250,000 by way of the issue and allotment of ordinary
shares of 10 pence each in the capital of the Company ("Ordinary
Shares") in accordance with the Acquisition Agreement.
A total of 235,850 Ordinary Shares ("Additional Consideration
Shares") have been issued at a price of 106p per Ordinary Share,
calculated at the average middle market closing price over the 30
business days prior to the date of completion in May 2013. The
Additional Consideration Shares will be admitted to trading on AIM
as soon as is practicable.
Instem acquired Logos on 13 May 2013 for an initial cash
consideration of GBP0.55 million. Following payment of the Period
One Contingent Consideration, further consideration of up to GBP4.0
million remains payable subject to performance. Any further
contingent consideration is payable in a mixture of cash and shares
at the Company's discretion, with the number of shares to be
allotted based on the average mid-market price per Ordinary Share
during the 30 business days immediately preceding (but excluding)
the last day of the relevant future payment period.
Total Voting Rights
Following the issue and allotment of the Additional
Consideration Shares, the Company's issued share capital comprises
12,000,508 Ordinary Shares. The Company does not hold any Ordinary
Shares in treasury. Therefore the total number of voting rights in
the Company is 12,000,508.
The figure of 12,000,508 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 of their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
For further information, please contact:
Instem plc +44 (0) 1785 825 600
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser
& Broker) +44 (0) 20 7496 3000
Richard Lindley
Nick Owen
Newgate Threadneedle +44 (0) 20 7653 9850
Fiona Conroy
Josh Royston
Jasper Randall
About Instem plc
Instem is a leading supplier of IT applications to the early
development healthcare market delivering compelling solutions for
data collection, management and analysis across the R&D
continuum. Instem applications are used by customers worldwide,
meeting the rapidly expanding needs of life science and healthcare
organisations for data-driven decision making leading to safer,
more effective products.
Instem's established portfolio of software solutions increases
client productivity in drug development by automating study-related
processes and enabling high integrity data sharing. The product
suite also offers the unique ability to generate new knowledge
through the extraction and harmonisation of actionable scientific
information.
Instem supports its clients through full service offices in the
United States, United Kingdom and China with additional locations
in India and a full service distributor based in Japan.
To learn more about Instem solutions and its mission, please
visit www.instem.com or its investor centre
http://investors.instem.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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