Further re. Acquisition of the Minority Interest

RNS Number : 9877V

Water Intelligence PLC

23 January 2012

 

Water Intelligence plc

("Water Intelligence" or the "Company")

Further re. Acquisition of the Minority Interest

On 27 August 2010, the Company announced that it had entered into share purchase agreements (the "Purchase Agreements") to acquire the remaining 590,000 common shares in American Leak Detection Holding Corp. from certain shareholders ("the Minority Shareholders") for a consideration satisfied by the issue of 617,364 ordinary shares in the Company ("Consideration Shares").  On the same date the Minority Shareholders sold 99,357 Consideration Shares to Plain Sight Systems, Inc. ("PSS") at a price of 75p per share.

Under the terms of the Purchase Agreements, since 30 June 2011, the Minority Shareholders have had the right, but not an obligation, to require PSS to purchase any number of Consideration Shares held by them at a price of 75p per share (the "Put Option"). The Company has been advised by PSS that the Put Option, which was exerciseable until 31 December 2011, has been extended indefinitely.

The Company has also been advised that on 23 January 2012 the Minority Shareholders exercised their right to sell 77,419 Consideration Shares to PSS at a price of 75p per share.  Accordingly, PSS now holds 2,204,971 Ordinary Shares, representing 22.96 per cent. of the issued share capital of the Company.

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