9th Mar 2015 17:13
LONDON (Alliance News) - Recruitment company Impellam Group PLC Monday said it has issued 409,818 shares at GBP6.21 per share to the vendors of Lorien Ltd, which Impellam acquired last year.
Impellam bought IT staffing company Lorien Ltd for GBP29.8 million in November, consisting of GBP22.3 million in cash and GBP7.5 million in new shares, whilst taking on GBP14 million in debt, and making additional performance-based payments of up to GBP6 million in January 2015, with a further GBP13.9 million due in 2016.
On Monday it said it had issued the shares to part satisfy deferred consideration of GBP5.1 million, in accordance with the terms of the earn-out, and Impellam said the remaining consideration owed to the vendors now stands at GBP2.6 million, which will be paid before March 19, on top of the GBP13.9 million that could be due in 2016, based on earn-out targets being achieved, it said.
Impellam shares closed up 0.8% to 665.00 pence per share on Monday.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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