Business
Acquisition
Acquisition.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n RNS Number : 4529F Pinnacle Telecom Group PLC 13 January 2010 \n \n\nPinnacle Telecom Group plc (\"Pinnacle\" or \"the Company\")\n \nAcquisition of Solwise Telephony Limited (\"Solwise\") and its wholly owned subsidiary, Sipswitch Limited (\"Sipswitch\" or \"the Subsidiary\")\n\nPinnacle Telecom Group plc, the provider of integrated telecommunication solutions and services, is pleased to announce that it has acquired the entire issued share capital of Solwise and its wholly owned subsidiary Sipswitch, for a maximum all share consideration of up to £500,000. The transaction is based in part on an earn-out, and is summarised as follows: \n\n 1. At completion, the issue of 31,746,843 ordinary shares in the Company (\"the Initial Consideration Shares\") at 0.57 pence\n per share being the mid-market closing price on 11th January 2010, representing an Initial Consideration of £180,957.\n\n 2. At completion, the issue of 4,203,157 ordinary shares in the Company (\"the Loan Shares\") at 0.57 pence per share in\n connection with loans owed by Solwise to certain vendors, amounting to £23,958 in aggregate, which have been assigned\n from Solwise to the Company and capitalised through the issue to the lenders of ordinary shares in the capital of the\n Company.\n \n 3. A deferred consideration (\"the Deferred Consideration\") calculated in accordance with earn out provisions contained in\n the acquisition agreeme...