Grafenia PLC - Manchester-based printing and software company - Says it has not received payment of a deferred consideration for a disposal that took place last year. Last May, the firm sold its wholly-owned subsidiary Works Manchester Ltd and some of the business and assets of its wholly-owned subsidiary Grafenia Operations Ltd for GBP3.2 million to Rymack Sign Solutions Ltd, which trades as PFI Group. As part of the sale, four instalments of GBP766,250 were due on the first, second, third and fourth anniversaries of completion. The amount for the first instalment has since been adjusted down to GBP514,223.
"PFI has yet to make payment of the adjusted instalment which was due on 31 May 2023 and the company is in discussions with PFI to resolve the matter. A further update will be provided in due course," it says.
The disposal was part of the company's transition to a software licensing business.
Current stock price: 9.75 pence, down 7.1% on Thursday in London
12-month change: up 79%
By Elizabeth Winter, Alliance News senior markets reporter
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