2nd Nov 2016 15:40
Fairpoint Group plc (FRP)Fairpoint Group plc: Correction of a previous announcement: Payment ofdeferred consideration 02-Nov-2016 / 16:40 GMT/BSTDissemination of a Regulatory Announcement that contains inside informationaccording to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- The following amendment has been made to the 'Payment of deferredconsideration pursuant to the acquisition of Simpson Millar LLP 'announcement released on 28 October 2016 at 07.00. Date of admission is 7 November 2016 All other details remain unchanged. The full amended text is shown below. 3 November 2016 Fairpoint Group plc Payment of deferred consideration pursuant to the acquisition of Simpson Millar LLP On 17 June 2014 Fairpoint Group plc ('Fairpoint' or 'the Group') announcedthe acquisition of Simpson Millar LLP Solicitors ('Simpson Millar'), aconsumer legal services business, the Group's entry platform into theconsumer legal services marketplace. The consideration payable on completion was £7 million in cash (on a debtfree, cash free basis) and 1,415,529 ordinary shares in the Group. Inaddition, there was provision for the payment of an earn-out of up to £6million based on the financial performance of Simpson Millar for two 12month periods ending June 2015 and June 2016 (a maximum of £3 million to bepayable in each 12 month period). Any additional consideration payable inthe two 12 month periods was to be satisfied as to 50% by cash and as to50% by shares ('Earn-out Shares'). Simpson Millar's financial performance has exceeded the financial hurdlesset for the second earn-out period ended 30 June 2016 triggering themaximum earn-out for the period. Accordingly, the Group has paid £1.5million in cash and issued 1,061,647 Earn-out Shares at the previouslyagreed price of 141p per share to the vendors of Simpson Millar. Thevendors will be restricted from dealing in the 1,061,647 Earn-out Sharesissued until after 30 June 2017. Application has been made for the Earn-out Shares to be admitted to AIM on7 November 2016. Upon admission of the Earn-out Shares to AIM, the enlargedissued share capital, excluding 1,194,167 shares held by Fairpoint intreasury, will be 46,709,518. This number may be used by shareholders asthe denominator for the calculations by which they will determine if theyare required to notify their interest, or a change to their interest, inFairpoint. Enquiries please contact: Fairpoint Group Plc Chris Moat, Chief Executive Officer Dave Broadbent, Chief Financial Officer0845 296 0100 Shore Capital (Nomad and Broker)Mark Percy Edward Mansfield020 7408 4090 Panmure Gordon & Co (Broker)Dominic Morley 020 7866 2500 MHP Communications Reg Hoare Katie Hunt 020 3128 8100 [email protected] Notes to editors:Fairpoint Group plc is an AIM listed consumer professional servicesbusiness specialising in the provision of consumer-focused legal services,personal debt solutions and claims management. The Group is structured intothe following primary business lines: 1. Legal Services 2. Debt Management Plans (DMPs) 3. Claims Management 4. Individual Voluntary Arrangements (IVAs) www.fairpoint.co.uk --------------------------------------------------------------------------- Language: English ISIN: GB0032360280 Category Code: MSCM TIDM: FRP Sequence Number: 3556 Time of Receipt: 02-Nov-2016 / 16:31 GMT/BST End of Announcement EQS News Service --------------------------------------------------------------------------- 516855 02-Nov-2016UK-Regulatory-announcement transmitted by DGAP - a service of EQS Group AG.The issuer is solely responsible for the content of this announcement.
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