Business
Completion of the acquisition of Team Internet AG
Completion of the acquisition of Team Internet AG.
About this update from Team Internet Group Plc
[{"type":"text","content":"\n \nRNS Number : 9008X CentralNic Group PLC 24 December 2019 \n\n24 December 2019\nCentralNic Group plc\n(\"CentralNic\" or the \"Company\" or the \"Group\")\n \nCompletion of the acquisition of Team Internet AG (\"Team Internet\"), issue of Consideration Shares and further issue of senior secured bond\n \nCentralNic Group PLC (AIM: CNIC), the company that supplies domain name and web services subscriptions over its proprietary platforms to millions of businesses globally, is pleased to announce that, further to the announcement released on 18 November 2019, the acquisition of Team Internet, a web service provider based in Munich, Germany, is now complete. \nCentralNic also announces that, pursuant to the terms of the Transaction, as well as cash consideration of US$45 million, the Company agreed to issue 3,911,650 ordinary shares of £0.001 each in the capital of the Company, credited as fully paid (the \"Consideration Shares\"). The Consideration Shares are subject to a lock-in period of 12 months, during which the vendors of Team Internet are unable to dispose of their Consideration Shares, followed by a period of 6 months during which they may only do so with the Company's consent.\nAs announced on 18 November 2019, the cash element of US$45 million (US$3 million of which is deferred) is being funded via a €40 million further bond issue of its existing senior secured bond (the \"Tap Issue\"). More details on the bond terms were announced on 30 September 2019. The Tap Issue has been subscribed by Macquarie Principal Finance and will be admitted to the Oslo Stock Exchange within 3 months.\nAn application has been made to the London Stock Exchange for a listing of securities in respect of the Consideration Shares to be admitted to trading on AIM (\"Admission\"). It is expected that admission will become effective at 8:00 a.m. on 31 December 2019. The Consideration Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company. \nFollowing Admission, the Company's enlarged share capital comprises 185,705,128 Ordinary Shares with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company is therefore 185,705,128. This figure of 185,705,128 Ordinary Shares may be used by shareholders in the Company as the denominator for the calcu...