22nd Aug 2017 09:24
22 August 2017
Cohort plc
("Cohort")
MCL acquisition final instalment paid
Cohort, the independent technology group, confirms that, further to the statement in the final results released on 29 June 2017, it has paid a final instalment of £2.5m to MCL's former shareholders under the terms of the acquisition agreement dated July 2014. This amount includes £0.6m as a final performance-based value adjustment, and just over £1.9m as the former shareholders' share of the surplus cash in the business as at 30 April 2017. The payment was funded from Cohort's existing financial resources.
Ends
For further information, please contact:
Cohort plc | 0118 909 0390 |
Andy Thomis, Chief Executive | |
Simon Walther, Finance Director | |
Investec Bank Plc | 020 7597 5970 |
Keith Anderson / Daniel Adams | |
MHP Communications Limited | 020 3128 8100 |
Reg Hoare / Ollie Hoare |
NOTES TO EDITORS
Cohort is the parent company of four innovative, agile and responsive businesses based in the UK and Portugal, providing a wide range of services and products for domestic and export customers in defence and related markets.
MASS is a specialist defence and technology business, focused on electronic warfare, information systems and cyber security.
www.mass.co.uk
MCL is an expert in the sourcing, design, integration and support of communications and surveillance technology for the defence and security markets.
www.marlboroughcomms.com
SEA is an advanced electronic systems and software house operating in the defence, transport and offshore energy markets.
www.sea.co.uk
EID designs and manufactures advanced communications systems for the defence and security markets.
www.eid.pt
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