LONDON (Alliance News) - InnovaDerma PLC on Monday said it has bought Australian cosmetic line 'Stevie K' and men's skincare brand 'Charles + Lee', from Stevie K Cosmetics Pty Ltd and Charles + Lee Pty Ltd.
The purchase price for both brands is AUD50,000, and Stevie K Cosmetics and Charles + Lee have the option to convert the AUD50,000 into InnovaDerma shares within 14 days of completion.
If they do exercise this option, around 39,700 InnovaDerma shares will be issued, though the exact number of shares will be calculated based on the average market price of the shares.
The founder of both the Stevie K and Charles + Lee brands, Kate Fissen, will be responsible for the growth and development of both brands, and the minimum term of her employment contract within the group will be three years.
Shares in InnovaDerma, which makes at-home treatments for hair loss, self-tanning and skin rejuvenation, were up 1.5% at 126.85 pence on Monday.
By Hannah Boland; email@example.com; @Hannaheboland
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