16th Jul 2015 08:31
LONDON (Alliance News) - LiteBulb Group Ltd Thursday its subsidiary, Meld Group, has successfully satisfied the earn-out conditions of Meld's acquisition by LiteBulb, achieving the maximum earn-out target of GBP899,330 in 2014.
As a result, the brand and product development specialist has issued 7 million LiteBulb shares in aggregate to the sellers of Meld, as well as 2,494 shares in connection with interest for the period from March 25 to June 23 in respect of convertible loan notes which were issued in December.
"We are very pleased to see Meld Group successfully achieve the earn-out conditions imposed at the time of the acquisition as it underpins the confidence we have in the business at the time and the continued success we were expecting to see following its inclusion in the wider LiteBulb business," Interim Chief Executive Howard Partington said in a statement.
Shares in LiteBulb were untraded on Thursday, last trading at 21.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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