LONDON (Alliance News) - IS Solutions PLC Wednesday said it has issued 1.0 million shares to the previous owners of Speed-Trap Holdings Ltd as part of its takeover of the company announced in December.
In December, the company said it would buy the 89% of Speed-Trap Holdings Ltd that it didn't already own for about GBP7.5 million in cash and shares. The website reporting and data analytics software company said it would pay about GBP1.3 million in cash, although the final total amount it would pay would be adjusted to reflect Speed-Trap's net asset position when the deal was completed.
On Wednesday, IS Solutions said it has finalised the completion accounts calculation of the net asset value of Speed-Trap, which has resulted in the issue of 1.0 million IS Solutions shares.
IS Solutions did not say at what price the shares were issue.
IS Solution shares were untraded on Wednesday afternoon, last trading at 55.00 pence per share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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