LONDON (Alliance News) - Consumer professional services company Fairpoint Group PLC on Friday said it has issued shares to cover deferred consideration due for its acquisition of consumer legal services company Simpson Millar LLP Solicitors.
Under the terms of the agreement, Fairpoint agreed to pay up to GBP6.0 million in deferred consideration based on Simpson Millar hitting financial targets for the years to the end of June 2015 and June 2016.
Fairpoint said Simpson Millar has hit its targets for the year to the end of June this year and it has therefore paid GBP1.5 million in cash and issued 1.0 million shares at 141.00 pence per share to cover this deferred consideration.
Fairpoint shares were flat at 180.50 pence on Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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