20th May 2015 09:24
LONDON (Alliance News) - Inspired Energy PLC Wednesday said it will pay the GBP300,000 deferred share consideration for its acquisition of Simply Business Energy Ltd in March 2014 in full, in light of the financial performance of the acquired business.
Inspired, which provides energy buying and consultancy services to businesses, paid 2 million in its shares as an initial payment for Simply Business, but there was also a provision for an earn-out of up to GBP300,000 that would also be settled in shares.
Having decided to pay the full earn out, Inspired has therefore issued just under 3.0 million shares to the vendors, who have agreed to a 12 month lock-up of those shares.
Inspired Energy shares were down 1.4% at 10.85 pence Wednesday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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