4th Dec 2008 12:00
SQS Software Quality Systems AG
4 December 2008
SQS Software Quality Systems AG ("SQS" or the 'Company')
Issue of Equity
SQS, the global leader in independent software testing and quality management services, is pleased to announce that Cresta Group Limited ("Cresta"), the UK software testing company that it acquired in May 2006, has exceeded its final earn out targets. As a result of this and pursuant to the acquisition agreement dated 9 May 2006, the Company is issuing 2,398,858 new SQS ordinary €1 shares (the "New Ordinary Shares") to the vendors of Cresta.
The Company announced the acquisition of Cresta on 10 May 2006 for a consideration of up to £18 million. An initial consideration of £6 million was paid on completion with the remainder subject to specific earn out targets. A second tranche of earn out consideration was satisfied by the issue of new SQS Ordinary Shares in September 2007.
The New Ordinary Shares are the final tranche of earn out consideration due and are predominantly being issued to existing SQS employees. As with previous Cresta consideration, the New Ordinary Shares will be subject to lock-in provisions, the terms of which are that one quarter of the shares are released from lock-in restrictions every six months. The first release date is 1 January 2009. The Company has reserved the right to waive the lock-in provisions to satisfy market demand.
Application will be made for the New Ordinary Shares to be admitted to trading on AIM ("Admission") and dealings are expected to commence on 10 December 2008.
Following Admission, SQS will have 25,219,111 Ordinary Shares in issue.
For further information please contact:
|
SQS Software Quality Systems AG Rudolf van Megen (CEO) / Rene Gawron (CFO) |
+49 (2203) 91 54 50 |
|
Altium Tim Richardson / Katie Hobbs |
+44 (0) 20 7484 4040 |
|
ICIS Limited Tom Moriarty / Bob Huxford |
+44 (0) 20 7651 8688 |
4 December 2008
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SQS Software Quality Systems AG