18th May 2005 08:54
Watermark Group PLC18 May 2005 For immediate release: 18 May 2005 Watermark Group plc ("Watermark") Deferred share allotments Watermark announces today, 18 May 2005, its deferred share considerationpayments now due under the terms of the three acquisitions set out below. Thesecompanies have delivered their targeted profitability of 30% growth in post taxprofits, as outlined in the relevant Sale and purchase agreements, and havetherefore achieved the maximum deferred consideration for this stage of the earnouts. Air Fayre Limited: In accordance with the terms of the sale and purchase agreement dated 20 January2004, in respect of the purchase of Air Fayre Limited in UK, deferredconsideration of £2,125,000 is payable to the vendors for the year ended 31December 2004. This deferred consideration is to be satisfied by the payment of£1,062,500 in cash and the issue of 685,484 new Watermark shares, valued forthis purpose at 155p each, the price of the placing of the Ordinary Sharesissued to raise, inter alia, the initial consideration for the acquisition. Thedeferred cash of £1,062,500 was paid at the end of April 2005. M'n'H Recycling Limited: In accordance with the terms of the sale and purchase agreement dated 26 March2003, in respect of the purchase of M'n'H Recycling Limited in UK, finaldeferred consideration of £996,744 is payable to the vendors for the year ended31 December 2004. This deferred consideration is to be satisfied by the issue of1,132,664 new Watermark shares, valued for this purpose at 88p each, the priceprevailing at the time of the relevant agreement. Media On The Move Limited: In accordance with the terms of the sale and purchase agreement dated 20 July2003, in respect of the purchase of Media On The Move Limited in UK, deferredconsideration is payable to the vendors for the year ended 31 December 2004.This deferred consideration is to be satisfied by the issue of 651,042 newWatermark shares, valued for this purpose at 96p each, the price prevailing atthe time of the relevant agreement. 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 20May 2005. For further information please visit www.watermark.co.uk or contact:Crispin Quail, Finance Director Gemma Chandler / Claire MellyWatermark Group plc Tavistock CommunicationsTel: 0208 606 1314 Tel: 020 7920 3150email: [email protected] email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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