10th Mar 2016 09:55
LONDON (Alliance News) - Tungsten Corp PLC, the London-listed electronic invoicing, analytics and financing company, on Thursday said it made a deferred payment for the acquisition of Image Integration Systems Inc.
The acquisition of Image Integration Systems, known as DocuSphere, was announced a year and a half ago, when Tungsten said it would pay USD6.5 million on completion of the deal, followed 18 months later by a deferred payment of shares equal to USD500,000, based on the price of the shares at the time of completion in September 2014.
Since then, shares in Tungsten have fallen considerably. There were up 1.8% on the day at 69.75 pence Thursday morning. The GBP12 million placing that helped to fund the acquisition of DocuSphere was priced at 340p per share.
On Thursday, Tungsten said that, with the agreement of DocuSphere, it has chosen to satisfy the deferred payment in cash. That amounts to a payment of GBP55,958, based on the number of shares that would otherwise have been issued multiplied by the middle market closing price of Tungsten shares on Monday this week.
"There is no further deferred consideration due under the DocuSphere purchase agreement," Tungsten said.
DocuSphere is now known as Tungsten Workflow.
By Samuel Agini; [email protected]; @samuelagini
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