8th May 2007 09:50
Watermark Group PLC08 May 2007 For immediate release: 8 May 2007 Watermark Group plc ("Watermark" and "the Company") Deferred Consideration Payment Watermark announces today, 8 May 2007, its deferred cash and share considerationpayments now due under the terms of the Air Fayre Limited acquisition set outbelow. This company has delivered in excess of its targeted profitability of 30%growth in post tax profits, as defined under the Sale and Purchase Agreementdated 20 January 2004, on an overall basis. The maximum deferred considerationof the earn out due has therefore been achieved and bonus shares are entitled tobe paid out. Final deferred consideration of £4,250,000 together with bonus consideration tothe value of £393,654 is payable to the vendors for the year ended 31 December2006. The Company has elected to pay half the bonus consideration in cash andhalf in shares. This total deferred consideration is to be satisfied by the payment of£2,321,827 in cash, being £2,125,000 for the deferred cash consideration and£196,827 in respect of bonus cash consideration, and the issue of 2,158,276 newordinary shares of 1 pence each in Watermark Group plc ("Ordinary Shares"),being 1,370,968 Ordinary Shares in respect of the deferred consideration sharesand 787,308 Ordinary Shares in respect of the bonus shares. The deferred cash of £2,321,827 will be paid today, 8 May 2007. These new shares rank pari passu in all respects with the existing Watermarkshares now in issue. Applications to the UKLA and to the London Stock Exchangehave been made for the new Watermark shares to be admitted to the Official Listof the UK Listing Authority and to be admitted to trading on the London StockExchange. It is expected that dealings in these new shares will commence on 11May 2007. Following the issue of these shares, there will be no furtherconsideration payable in respect of this acquisition. For further information please visit www.watermark.co.uk or contact: Peter Fitzwilliam Jeremy CareyWatermark Group plc Tavistock CommunicationsTel: 020 8606 2000 Tel: 020 7920 3150e-mail: [email protected] e-mail: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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