28th Oct 2016 16:32
LONDON (Alliance News) - Uvenco UK PLC on Friday said it has revised the payment terms of its agreement with vending machine manufacturer Unicum Ltd on the supply of vending and table top machines to the company for the next 12 months.
Under the agreement, Uvenco will pay 70% of the consideration payable to Unicum in cash, with the remainder payable in Uvenco shares.
The maximum value of machines to be supplied over the next year will not exceed GBP500,000, and therefore the maximum value of shares to be issued will be GBP150,000.
Unicum is controlled by Boris Belotserkovsky, a non-executive director of Uvenco, while Uvenco's Chief Executive Sergei Kornienko is a non-executive director of Unicum.
"We are pleased to secure these revised payment terms for our additional Free on Loan activity. It will help us towards achieving our major goals to stop revenue decline, enhance Ebitba performance and restore growth to the company," Chairman Jeremy Hamer said in a statement.
Shares in Uvenco were untraded on Friday, last quoted at 4.00 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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