23rd Mar 2018 12:37
LONDON (Alliance News) - Consulting services firm Science Group PLC said Friday that a payment of USD750,000 related to acquisition of Technology Sciences Group announced in September will not be made.
The payment was related to the continued employment of the former TSG Chief Executive Officer, who left the company. As a result, the deferred payment to be made in December 2019 will not be provided by Science Group.
The final consideration for the acquisition of TSG therefore totals USD17.0 million, equivalent to circa GBP13.2 million. Cash of approximately GBP2.8 million was acquired with the transaction, resulting in a cash outflow of GBP10.4 million. For the period from September to December 2017, restructuring and one-off costs of GBP800,000 were incurred and TSG contributed GBP4.9 million revenue.
Shares in Science Group were down 0.9% at 208.10 pence per share on Friday.
Related Shares:
Science Group
