Instem plc Logos Third Earn Out Payment & Total Voting Rights (8115U)
August 03 2015 - 2:00AM
UK Regulatory
TIDMINS
RNS Number : 8115U
Instem plc
03 August 2015
Instem plc
("Instem" or the "Company")
Logos Third Earn Out Payment and Total Voting Rights
Instem plc (AIM: INS), a leading provider of IT solutions to the
global early development healthcare market, is pleased to report
that the third 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 2014 to 30 April 2015, the Vendors have been paid
additional consideration of, in aggregate, GBP1,300,000 (the
"Period Three Contingent Consideration"), comprising GBP650,000 in
cash, and GBP650,000 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 339,586 Ordinary Shares ("Additional Consideration
Shares") have been issued at a price of 191.4p per Ordinary Share,
calculated at the average middle market closing price over the 30
days immediately preceding but excluding 30 April 2015. 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
Three Contingent Consideration, further consideration of up to
GBP1.9 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 closing price per Ordinary
Share during the 30 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
12,551,846 Ordinary Shares. The Company does not hold any Ordinary
Shares in treasury. Therefore the total number of voting rights in
the Company is 12,551,846.
The figure of 12,551,846 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 Tel: +44 (0) 1785 825 600
Phil Reason, CEO www.instem.com
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser Tel: +44 (0) 20 7496 3000
& Broker)
Richard Lindley
Nick Owen
Walbrook PR Ltd Tel: +44 (0) 20 7933 8780 or
Paul Cornelius instem@walbrookpr.com
Helen Cresswell
Sam Allen
About Instem
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 in use by customers worldwide,
meeting the rapidly expanding needs of life science and healthcare
organizations for data-driven decision making leading to safer,
more effective products.
Instem's portfolio of software solutions increases client
productivity by automating study-related processes while offering
the unique ability to generate new knowledge through the extraction
and harmonization of actionable scientific information.
Instem supports over 400 clients through full service offices in
the United States, United Kingdom and China with an additional
location in India and a full service distributor based in
Japan.
To learn more about Instem solutions and its mission, please
visit www.instem.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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