26th Feb 2016 09:42
LONDON (Alliance News) - Next Fifteen Communications Group PLC on Friday said it bought out the remaining 25% minority interest in Morar Consulting Ltd, its research and advisory agency.
In addition, the digital communications company said it settled in full the remaining obligation for the original purchase of 75% of Morar in December 2014. Morar's remaining obligation in respect of the acquisition of its subsidiary made in April 2015 also was settled in full, Next Fifteen said.
"The acquisitions are expected to be immediately earnings enhancing for the company," Next Fifteen said.
The total payment for the minority interest, the outstanding deferred Morar payment and the outstanding deferred subsidiary payment is GBP3.6 million, to be paid in two tranches. The first tranche was paid on Thursday, GBP1.6 million in cash and GBP270,000 through the issue of 118,162 new shares.
The second tranche of GBP1.7 million is to be paid on February 28, 2017. It is conditional on the continued employment of the sellers.
Shares in Next Fifteen were up 0.8% at 227.25 pence on Friday.
By Samuel Agini; [email protected]; @samuelagini
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