(Sharecast News) - Window and door manufacturer Safestyle updated the market on its agreement with M Misra on Friday, under which Misra was entitled to receive consideration of four million ordinary shares and payment of between nil and £2m in cash in the fourth quarter.
The AIM-traded firm said that consideration would be subject to the satisfaction of performance conditions, which were partially achieved in 2019.
As a result, Safestyle said the four million shares had now been issued and allotted to Misra.
The cash consideration payable was £1m, which was paid on Friday.
"Following the admission and payment, the group has now satisfied the terms of the agreement and no further consideration will be paid to Mr Misra," the board said in its short statement.
At 1204 BST, shares in Safestyle were down 3.112% at 28.48p.
3 Jan 2024 14:55