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Instem Makes Second Earn Out Payment For Logos

Fri, 01st Aug 2014 09:07

LONDON (Alliance News) - IT business Instem PLC Friday said the second earn out payment for the acquisition of Logos Holdings Ltd, along with subsidiaries Logos EDC Solutions Ltd and Logos Technologies Inc, has now been made.

As a result of Logos achieving its earn out target for the period from May 11, 2013 to April 30, 2014 the vendors will be paid an additional consideration of GBP800,000. Of this GBP400,000 was settled in cash, and GBP400,000 in shares.

Instem said a total of 211,752 shares have been issued at a price of 188.9 pence per share, calculated at the average middle market closing price over the 30 days immediately preceding but excluding April 30.

Instem shares were up 0.3% at 172.00 pence Friday morning.

By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews