Last checked at 3 May 2018 17:16
3 May 2018
accesso® Technology Group plc
("accesso" or the "Company")
Ingresso earn-out payment and subscription of shares
The Board of accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, is pleased to announce that it has today agreed to pay the earn-out consideration in respect of its 30 March 2017 acquisition of Ingresso Group Limited ("Ingresso").
Ingresso's financial performance has been in line with the Board's expectations, with the earn-out based on achieving financial performance for the year ended 31 December 2017, exceeding its financial performance during the same period in 2016.
The agreed earn-out payment being made by the Group is £7,228,379 and will be paid in cash from the Group's existing cash resources. The earn-out payment was capped at £10,500,000.
Under the terms of the subscription agreement as set out in the announcement also dated 30 March 2017, Bart Van Schriek, Chief Executive Officer of Ingresso, committed to applying 40% of his net earn-out proceeds to subscribing for further new ordinary shares of 1 pence each in the Company ("Ordinary Shares"), at £15.78 pence per Ordinary Share. Based on the above earnout payment, Bart Van Schriek, is therefore now subscribing for 22,970 Ordinary Shares ("Subscription Shares").
These Subscription Shares will be subject to restrictions on disposal for a period of two years, whereby Bart Van Schriek, is prohibited from making any disposal of two thirds of the stock for the first 12 months, with half of such shares being released from the restriction at the end of each 12 month period from the date issued.
Application will be made shortly for the 22,970 Subscription Shares to be admitted to trading on AIM, with admission expected to take place at 8:00am on 9 May 2018 ("Admission"). Following Admission of the Subscription Shares, the Company will have a total of 27,000,925 Ordinary Shares in issue.
This above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company. The Company does not hold any shares in treasury.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
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About accesso Technology Group
At accesso, we believe technology has the power to redefine the guest experience. Our patented and award-winning solutions drive increased revenue for attraction operators while improving the guest experience. Currently serving over 1,000 clients in 27 countries around the globe, accesso's solutions help our clients streamline operations, generate increased revenues, improve guest satisfaction and harness the power of data to educate business and marketing decisions.
accesso stands as the leading technology provider of choice for tomorrow's attractions, venues and institutions. We invest heavily in research and development because our industries demand it, our clients benefit from it and it makes a positive impact on the guest experience. Our innovative technology solutions allow venues to increase the volume and range of on-site spending and to drive increased transaction-based revenue through cutting-edge ticketing, point-of-sale, virtual queuing, distribution and experience management software.
Many of our team members come from backgrounds working within the attractions and cultural industry. In this way, we are experienced operators who run a technology company serving attractions operators, versus a technology company that happens to serve the market. Our staff understands the day-to-day operations of managing complex venues and the challenges this creates, and together we strive to provide our clients and their guests with technology that empowers them to do more and enjoy more. From our agile development team to our dedicated client service specialists, every team member knows that their passion, integrity, commitment, teamwork and innovation are what drive our success.
accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information, visit www.accesso.com. Follow accesso on Twitter, LinkedIn and Facebook.