24th Nov 2006 12:59
Future Internet Technologies PLC24 November 2006 24 November 2006 Future Internet Technologies plc Acquisition of Artilium N.V. On 13 October 2006, Future Internet Technologies plc (the "Company") confirmedthat it was progressing the completion of the exercise of its option to acquirethe remaining 51% of the issued share capital in Artilium N.V. ("Artilium") notalready owned by the Company. The terms of the acquisition of the remaining 51% of the issued share capital inArtilium have now been varied, principally to achieve increased certainty aroundthe timescales relating to the acquisition. Under the terms of the new agreement, the Company will acquire the remaining 51%of the issued share capital in Artilium for €2.1m in cash and the issue of2,000,000 ordinary shares in the capital of the Company credited as fully paid. Under the previous arrangement the Company was obliged to issue 6,000,000ordinary shares to the vendors of Artilium and make available options over afurther 10,000,000 ordinary shares at an exercise price of 25p per share. On commercial grounds, the Company has transferred its shareholding in AquantaCommunications N.V. ("Aquanta") to Aquanta's majority shareholder, having chosennot to progress the acquisition of that business. The acquisition of the remaining 51% of Artilium will require the approval ofthe Company's shareholders. Enquiries: Future Internet Technologies via Financial DynamicsPaul Gratton, Executive Chairman and acting Chief ExecutiveTony Lynch, Finance Director Financial Dynamics Tel: 020 7831 3113Harriet Keen/Matt Dixon This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ARTA.L