Issue of Equity
December 04 2008 - 7:00AM
UK Regulatory
RNS Number : 5510J
SQS Software Quality Systems AG
04 December 2008
SQS Software Quality Systems AG
4 December 2008
SQS Software Quality Systems AG ("SQS" or the 'Company')
Issue of Equity
SQS, the global leader in independent software testing and quality management services, is pleased to announce that Cresta Group Limited
("Cresta"), the UK software testing company that it acquired in May 2006, has exceeded its final earn out targets. As a result of this and
pursuant to the acquisition agreement dated 9 May 2006, the Company is issuing 2,398,858 new SQS ordinary EUR1 shares (the "New Ordinary
Shares") to the vendors of Cresta.
The Company announced the acquisition of Cresta on 10 May 2006 for a consideration of up to �18 million. An initial consideration of �6
million was paid on completion with the remainder subject to specific earn out targets. A second tranche of earn out consideration was
satisfied by the issue of new SQS Ordinary Shares in September 2007.
The New Ordinary Shares are the final tranche of earn out consideration due and are predominantly being issued to existing SQS
employees. As with previous Cresta consideration, the New Ordinary Shares will be subject to lock-in provisions, the terms of which are that
one quarter of the shares are released from lock-in restrictions every six months. The first release date is 1 January 2009. The Company
has reserved the right to waive the lock-in provisions to satisfy market demand.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and dealings are expected to
commence on 10 December 2008.
Following Admission, SQS will have 25,219,111 Ordinary Shares in issue.
For further information please contact:
SQS Software Quality Systems AG +49 (2203) 91 54 50
Rudolf van Megen (CEO) / Rene Gawron (CFO)
Altium +44 (0) 20 7484 4040
Tim Richardson / Katie Hobbs
ICIS Limited +44 (0) 20 7651 8688
Tom Moriarty / Bob Huxford
4 December 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
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