Fairpoint Group PLC Payment of deferred consideration (1462A)
25 9월 2015 - 3:00PM
UK Regulatory
TIDMFRP
RNS Number : 1462A
Fairpoint Group PLC
25 September 2015
25 September 2015
Fairpoint Group plc
Payment of deferred consideration pursuant to the acquisition
of
Simpson Millar LLP
On 17 June 2014 Fairpoint Group plc ("Fairpoint" or "the Group")
announced the acquisition of Simpson Millar LLP Solicitors
("Simpson Millar"), a consumer legal services business, the Group's
entry platform into the consumer legal services marketplace.
The consideration payable on completion was GBP7 million in cash
(on a debt free, cash free basis) and 1,415,529 ordinary shares in
the Group. In addition, there was provision for the payment of an
earn-out of up to GBP6 million based on the financial performance
of Simpson Millar for two 12 month periods ending June 2015 and
June 2016 (a maximum of GBP3 million to be payable in each 12 month
period). Any additional consideration payable in the two 12 month
periods was to be satisfied as to 50% by cash and as to 50% by
shares ("Earn-out Shares").
Simpson Millar's financial performance has exceeded the
challenging financial hurdles set for the first earn-out period
ended 30 June 2015 triggering the maximum earn-out for the period.
Accordingly, the Group has today paid GBP1.5 million in cash and
issued 1,061,647 Earn-out Shares at the previously agreed price of
141p per share to the vendors of Simpson Millar. The vendors will
be restricted from dealing in the 1,061,647 Earn-out Shares issued
until after 30 June 2016.
Application has been made for the Earn-out Shares to be admitted
to AIM on 30 September 2015. Upon admission of the Earn-out Shares
to AIM, the enlarged issued share capital, excluding 1,194,167
shares held by Fairpoint in treasury, will be 45,647,871. This
number may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest, or a change to their interest, in
Fairpoint.
Enquiries please contact:
Fairpoint Group Plc
Chris Moat, Chief Executive Officer 0845 296 0100
John Gittins, Group Finance Director
Shore Capital (Nomad and Broker)
Pascal Keane 020 7408 4090
Edward Mansfield
MHP Communications
Reg Hoare 020 3128 8100
Katie Hunt
Notes to editors:
Fairpoint Group plc is an AIM listed consumer professional
services business specialising in the provision of consumer-focused
legal services, personal debt solutions and claims management. The
Group is structured into the following primary business lines:
1. Legal Services
2. Debt Management Plans (DMPs)
3. Claims Management
4. Individual Voluntary Arrangements (IVAs)
www.fairpoint.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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