LONDON (Alliance News) - SeaEnergy PLC Wednesday said it will pay the previous owners of Return To Scene Ltd (R2S), which it acquired in 2012, a final earn-out payment of GBP4.6 million in cash and shares after the new business exceeded its earnings target.
SeaEnergy will issue 905,440 new shares at 34.9 pence per share and pay GBP4.3 million in cash.
SeaEnergy bought Return To Scene, a 3D computer-model maker, in August 2012 for an initial cash consideration of GBP5.0 million, with a further cash payment of GBP500,000 in March 2013.
Included in the package was an earn-out payment of up to a maximum of GBP4.6 million if R2S achieved certain profit targets, which it did.
The 905,440 new shares are expected to start trading on AIM on April 15. Following admission of the new shares, the company will have 56.4 million ordinary voting shares in issue.
The stock was trading at 37.66 pence Wednesday afternoon, up 2.41 pence or 6.8%.
By Anthony Tshibangu; anthonytshiabngu@alliancenews.com;
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