2nd Apr 2024 14:38
(Alliance News) - Software Circle PLC on Tuesday said it planned to sell the domain name printing.com.
The Manchester-based software business acquirer is to sell the domain to JAL Equity Corp, an owner and operator of marketing, printing, signage, and promotion businesses in the US.
The domain will be purchased in cash for USD2.3 million and will be satisfied across two instalments. An initial payment of USD230,000 will be paid on completion with the rest due on or before July 31 2024.
In addition to this, the company has provided an update on the sale of its former subsidiary Works Manchester Ltd to Rymack Signs Solutions Ltd.
On June 1 2023, the company announced it was yet to receive the first instalment of deferred consideration from Rymack which was due on May 31, 2023.
In November, Software Circle said: "due to our reduced confidence of receiving payment of any deferred consideration, the carrying value of the GBP2.8 million due under the sale and purchase agreement had been reduced to GBP350,000."
Following news that Works Manchester had filed a notice of intention to appoint administrators in December, the remaining differed consideration has been written down, and when combined with other outstanding charges results in a net charge of GBP240,000.
Software Circle shares were up 8.3% to 19.50 pence each in London on Tuesday afternoon.
By Elijah Dale, Alliance News reporter
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