Alito-Settlement Of Earn out
December 13 2007 - 2:03AM
UK Regulatory
RNS Number:8148J
PROACTIS Holdings PLC
13 December 2007
For immediate release 13 December 2007
PROACTIS Holdings PLC
("PROACTIS", the "Group" or the "Company")
Early settlement of Alito earn out
PROACTIS, the specialist Spend Control software provider, today announces that
it has agreed with the vendors of Alito (UK) Limited ("Alito") to complete an
early settlement of the earn out element of the total consideration. The Group
announced the acquisition of Alito in its interim results announcement on 29
March 2007 stating that the original earn out period would run to 31 March 2008.
This final element of consideration is to be settled today with �300,000 cash
and 585,023 new Ordinary Shares of 10p each in the Company (the "Shares").
Application has been made for the Shares to be admitted to trading on AIM
("Admission"). Admission is expected to occur on 18 December 2007. Following
Admission, the Company will have a total of 30,767,833 Ordinary Shares in issue.
In the 8 month period since acquisition, Alito has contributed turnover of
�990,000 to the Group on which it made an operating profit of �350,000.
The Directors believe that it is in the Company's best interests to settle the
earn out early as this will allow full integration of Alito into the Group ahead
of schedule.
Rod Jones, PROACTIS' Chief Executive Officer commented:
"Alito has been an excellent acquisition for PROACTIS. It has enhanced our
offering to the Public sector and we are now well positioned to benefit from the
huge opportunities in this sector. We're pleased to have agreed favourable terms
for the early settlement of the earn out and look forward to accelerating the
integration process."
- ends -
Enquiries:
PROACTIS 01937 545 070
Rod Jones, Chief Executive
Weber Shandwick Financial 020 7067 0700
Nick Oborne / John Moriarty / James White
Landsbanki Securities (UK) Limited 020 7426 9000
Gareth Price / Simon Brown
Notes to Editors:
PROACTIS creates, sells and maintains specialist software which enables
organisations to streamline, control and monitor all internal and external
expenditure, other than payroll. PROACTIS is already used in over 150
organisations in the UK from the commercial, public and not-for-profit sectors.
PROACTIS is a profitable, high growth business head quartered in Wetherby, West
Yorkshire. It develops its own software using an in-house team of developers and
sells through both direct and indirect channels via a number of Accredited
Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange in June 2006.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCQXLBFDLBEFBD
Proactis (LSE:PHD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Proactis (LSE:PHD)
Historical Stock Chart
From Jul 2023 to Jul 2024