2nd Nov 2006 16:05
Mission Capital PLC02 November 2006 2 November 2006 Mission Capital Plc ("Mission Capital" or the "Company") Deferred consideration payable On 5 June, 2006 Mission Capital announced the acquisition of Karspace ManagementLimited ("KML") for a maximum consideration of £2.6 million, of which £0.7million was deferred conditional on two separate aspects. The first related tothe outcome of an existing contract (the "Contract") which, once concludedsatisfactorily, would release up to £0.4 million, of which up to £0.2 millionwould be in cash and up to £0.2 million through the issue of new ordinary sharesat 6.75p per share. The second was dependent on the level of adjusted auditedpre tax profit for the year ending 31 March 2007 where the maximum payment wouldbe £0.3 million in cash. The Company announces that sufficient progress has been made with the Contractand the Board has therefore authorised the release of £100,000 in cash and1,481,481 new ordinary shares of 1p each at 6.75p per share (the "New OrdinaryShares") to be issued to the vendors of KML. The remaining balance of thedeferred consideration will be released following the satisfactory conclusion ofthe outstanding matters. Application has been made for the admission to AIM of the New Ordinary Shares.Upon issue, the New Ordinary Shares will rank pari passu with the Company'sexisting ordinary shares and dealings are expected to commence on 8 November2006. END This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MCAP.L