LONDON (Alliance News) - Business finance provider 1PM PLC said Monday it will issue an initial 1.4 million shares as part of its earn-out consideration associated with its GBP9.0 million Positive Cashflow Finance Ltd acquisition.
In June 2017, 1PM agreed to buy Positive Cashflow for up to GBP9.0 million. Of this, GBP2.5 million was payable through the issue of new shares at 60.0 pence each as part of a three-year earn out deal.
The earn-out consideration was tied to pre-agreed increases in pretax profit for the financial years ended May 2018, 2019 and 2020.
With targets currently being achieved, the first of the three annual earn-out payments will see 1.4 million shares issued to the sellers. After admission - expected on Tuesday - 1PM will have 87.6 million shares outstanding.
Shares in 1PM were 1.6% higher at 48.00 pence on Monday.
