MediaZest plc
12 May 2006
MediaZest Plc (the 'Company' or 'MediaZest')
Touch Acquisition
Further to the announcement made by the Company on 26 August 2005 relating to
the acquisition by the Company of Touch Vision Limited ('Touch') from Electronic
Media Promotions Holdings Limited ('Seller') the board of the Company announces
that it has agreed with the Seller that no deferred consideration will be
payable pursuant to the Acquisition Agreement.
The terms of the Acquisition Agreement stated that £375,000 of deferred
consideration would become payable in the event that pre-tax profit of Touch for
the 12 months ending 31 December 2005 exceeded a specified target. This
deferred consideration was to have been satisfied as to 2/3 cash and 1/3 by the
issue of new ordinary shares.
Accordingly, £250,000 has been released in favour of the Company from an escrow
account and no further shares will be issued in connection with the Touch
acquisition.
This information is provided by RNS
The company news service from the London Stock Exchange