16th Jan 2017 08:59
LONDON (Alliance News) - Vislink PLC said Monday it has agreed to an amendment of the disposal of its hardware division to xG Technology Inc.
Software and technology firm Vislink said certain completion conditions of the deal were not satisfied and it has therefore agreed a portion of the USD16.0 million sale price will be satisfied with a deferred payment from xG.
Vislink said it will receive an initial consideration of USD6.5 million, along with loan notes for a principal amount of USD9.5 million, with redemption within 45 days of completion. The notes will be secured over the business and assets being sold, said Vislink.
The amended deal is subject to Vislink shareholder approval.
Shares in Vislink were down 7.9% at 16.00 pence Monday morning.
By Adam Clark; [email protected]
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