Bglobal announces that it has paid the performance consideration relating to the acquisition of Utiligroup Limited pursuant to the terms of the acquisition agreement dated 26 May 2010 ("Acquisition Agreement").
The total performance consideration due under the Acquisition Agreement was £6.29 million of which £3.46 million was satisfied in cash and £2.83 million by the issue of 6,576,048 new ordinary shares in the Company at a price of 43 pence per share. These shares are to be split equally between each of Peter Kennedy, Chairman of Bglobal, and Martin Evans with each of them receiving 3,288,024 ordinary shares in Bglobal.
Following the issue of these shares Peter Kennedy will be interested in 25,150,814 ordinary shares in Bglobal and Martin Evans will be interested in 11,138,024 ordinary shares in Bglobal representing 23.67% and 10.48%, respectively, of the voting rights of the Company.
The 6,576,048 new ordinary shares will rank pari passu with the existing ordinary shares of the Company, and trading is expected to commence on 5 September 2011.
Following the issue of these shares, the Company will have 106,274,300 ordinary shares in issue and therefore the total number of voting rights is 106,274,300.
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