Business
Further re Aquisition
Further re Aquisition.
About this update from Mediazest Plc
[{"type":"text","content":"\n MediaZest plc\n12 May 2006\n\n MediaZest Plc (the 'Company' or 'MediaZest')\n\n Touch Acquisition\n\n\nFurther to the announcement made by the Company on 26 August 2005 relating to\nthe acquisition by the Company of Touch Vision Limited ('Touch') from Electronic\nMedia Promotions Holdings Limited ('Seller') the board of the Company announces\nthat it has agreed with the Seller that no deferred consideration will be\npayable pursuant to the Acquisition Agreement.\n\nThe terms of the Acquisition Agreement stated that £375,000 of deferred\nconsideration would become payable in the event that pre-tax profit of Touch for\nthe 12 months ending 31 December 2005 exceeded a specified target. This\ndeferred consideration was to have been satisfied as to 2/3 cash and 1/3 by the\nissue of new ordinary shares.\n\nAccordingly, £250,000 has been released in favour of the Company from an escrow\naccount and no further shares will be issued in connection with the Touch\nacquisition.\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":1293,"tagName":"div"}]