Business
Issuance of additional consideration shares
Issuance of additional consideration shares.
About this update from Team Internet Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8522D\n CentralNic Group PLC\n 02 November 2020\n \n \n \n \n 2 November 2020\n \n \n CentralNic Group plc\n \n \n (\"CentralNic\" or the \"Company\")\n \n \n \n \n \n KeyDrive SA Additional Consideration Determined\n \n \n and\n \n \n Issuance of Additional Consideration Shares\n \n \n \n \n \n CentralNic Group plc (AIM: CNIC), the global internet platform that derives revenue from the worldwide sales of internet domain names and related services, announces the issuance of additional consideration shares relating to the performance of KeyDrive SA. \n \n \n \n \n \n The \n acquisition of KeyDrive SA on 2 August 2018, has performed well against is highly ambitious targets set for FY2019. As a result of this performance, USD 2,245,000 Additional Consideration attributable to the FY2019 objectives is payable to Inter.Services GmbH (\"Inter.Services\"). Fifteen per cent, equalling USD 336,750 will be settled in cash. The remainder of the Additional Consideration attributable to the FY2019 objectives will be settled by issuing 1,685,723 Additional Consideration Shares. Inter.Services may still earn up to USD 1,423,000 Additional Consideration in future under the terms of the SPA.\n \n \n \n \n \n Application has been made to the London Stock Exchange for a total of 1,685,723 Ordinary Shares issued pursuant to the Additional Consideration to be admitted to trading on AIM (\"Admission\"). Admission is expected to occur at 8:00 a.m. on 3 November 2020. The Ordinary Shares shall rank pari passu with the existing ordinary shares in the Company. \n \n \n \n \n \n Following Admission, the total number of Ordinary Shares in issue and voting rights in the Company will be 233,738,026. The Company does not hold any shares in Treasury. This may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules. Inter.Services' holding will increase from c.15.23% to c.15.84% of the issued share capital of the Company.\n \n \n \n \n \n Ben Crawford, CEO of CentralNic, commented:\n \"We have been delighted with the performance of KeyDrive ever since its acquisitio...