LONDON (Alliance News) - Rightster Group PLC on Tuesday said it is issuing new shares to the sellers of Viral Management Ltd, which it acquired in early July, after earn-out conditions were met.
In a statement, Rightster, which distributes and monetises live and on-demand video content, said it has allotted 6.2 million new shares to pay the GBP849,937.50 due to former shareholders of Viral Management. The remaining GBP849,937.50 of the deferred payment has been made in cash.
"The integration of Viral Management Ltd has been successful in bringing Rightster increased social video management skills, licensing capability and brand knowledge, as anticipated," Chief Executive Patrick Walker said in a statement.
"We're pleased with the impressive performance of the VML team since acquisition, and confirm that the payment of this deferred consideration reflects the milestones that they achieved for the entire Company during this timeframe. Now that our teams are fully integrated, we look forward to reaping the rewards of our enhanced workforce in the remainder of 2015 and beyond," Walker said.
Rightster shares were down 1.50 pence, or 13%, at 10.00p on Tuesday afternoon in London.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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