RE: Semnet15 May 2024 12:48
The Company has acquired 66.67% of the issued share capital of Semnet for a total consideration of US$1.8 million in cash and new shares of no par value in the Company ("Ordinary Shares"). US$800,000 of the total consideration is payable in cash ("Cash Consideration") and the remaining US$1.0 million through the issue of new Ordinary Shares ("Consideration Shares"). US$580,000 of the Cash Consideration has, or will shortly, be paid and the remaining US$220,000 is payable four months from Completion.
The Company will issue the Consideration Shares on the nine month anniversary of Completion, or on any earlier date designated by the Company giving not less than seven days' notice in writing to the vendors, at a price per Ordinary Share equal to the average of the middle market quotations for a Consideration Share as shown by the daily Official List of the London Stock Exchange for the last five full trading days immediately preceding the payment date.
This could change however given the latest update on Semnet contracts.