Mercia Technologies Fully Pays GBP2.0 Million Deferred Consideration

LONDON (Alliance News) - Mercia Technologies PLC said Monday it has fully paid the GBP2.0 million deferred consideration for its March 2016 takeover of Enterprise Ventures Group Ltd.

The trigger for the payment was Enterprise Ventures being awarded "at least" GBP80.0 million in net new fund mandates during the two years since acquisition. The company has actually significantly outperformed the target, having been awarded GBP178.0 million.

Mercia bought early stage and growth finance provider Enterprise Ventures for GBP11.0 million in March 2016.

The company also announced Executive Director Jonathan Diggines, Enterprise Ventures' former chief executive, has said he will be stepping down from Mercia's board, though he will continue to work with Mercia's fund management business.

Chief Executive Mark Payton commented: "Today's announcement of the significant overachievement of the Enterprise Ventures' deferred consideration target is another milestone in Mercia's evolution and demonstrates the group's ability to identify, evaluate, price, acquire and successfully integrate value-adding acquisitions.

"I would like to take this opportunity to thank Jonathan Diggines for his significant personal contribution towards achieving the successful integration of Enterprise Ventures into the group, where it has continued to flourish and grow. Jonathan's continuing involvement within Mercia can only be a catalyst for further investment success in the future."

Shares were up 0.8% on Monday at a price of 39.80 pence each.