3rd Feb 2014 12:36
LONDON (Alliance News) - IT solutions provider Instem PLC said the initial earn-out payment in respect of its 2013 acquisition of Logos Holdings Limited has now been made.
Instem bought the healthcare technology company in May of last year for an initial payment of GBP550,000 in cash, plus up to GBP4.0 million in cash and shares, subject to Logos achieving performance targets.
As a result of Logos achieving its first earn-out target for the period from May 1 to December 31, 2013, its previous owners have been paid an additional GBP450,000, comprised of GBP200,000 in cash and GBP250,000 in new Instem shares.
A total of 235,850 new Instem shares have been issued at a price of 106 pence per share. The new shares will be admitted to trading on AIM as soon as is practicable, Instem added.
The stock was trading at 167.00 pence Monday morning, down 4.00 pence or 2.3%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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