Issue of Equity (2047Z)
January 11 2011 - 2:00AM
UK Regulatory
TIDMSQS
RNS Number : 2047Z
SQS Software Quality Systems AG
11 January 2011
SQS Software Quality Systems AG
11 January 2011
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 confirm that, as a
result of the performance of its subsidiary Validate in the first
two years post acquisition, the Company has issued 367,053 new SQS
ordinary EUR1 shares (the "New Ordinary Shares") to the vendors of
Validate pursuant to the Validate acquisition agreement.
The Company announced the acquisition of Validate, a software
testing and quality management business in Sweden, on 11 June 2008
for a consideration of up to SEK 153.3 million (EUR16.4 million).
Initial consideration of SEK 68.1 million (EUR7.3 million) was paid
on completion with the remainder becoming payable in a combination
of cash and new SQS shares (total consideration split 25% cash /
75% shares) subject to the achievement of specific earn out
targets.
The New Ordinary Shares are subject to lock-in provisions for
six months from 7 January 2011. After this period, each recipient
will be permitted to dispose of up to 25% of his / her holding of
New Ordinary Shares. Disposals of further 25% tranches will be
permitted at the end of each of the three subsequent six month
periods.
Application will be made for the New Ordinary Shares to be
admitted to trading on AIM ("Admission") and dealings are expected
to commence on 18 January 2011.
Following Admission, SQS will have 27,630,472 Ordinary Shares in
issue.
The issue of a further 234,552 new SQS shares in relation to the
earn-out due to the vendors of VeriSoft and of 28,265 new SQS
shares in relation to an employee share option programme are
expected to be announced over the coming weeks.
For further information please contact:
SQS Software Quality Systems AG
Rudolf van Megen (CEO) / Rene Gawron
(CFO) +49 (2203) 91 54 50
Altium
Tim Richardson / Katie Hobbs +44 (0) 20 7484 4040
Walbrook PR Limited
Bob Huxford +44 (0) 20 7933 8783
11 January 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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