Last checked at 13 Jan 2021 07:00
13 January 2021
Benchmark Holdings plc
("Benchmark" or "the Company")
Payment of contingent consideration following achievement of milestones
Issue of Equity
Benchmark (AIM: BMK), the aquaculture health, nutrition and genetics business, announces that further to the acquisition of aquaculture breeding programmes centred on shrimp from Centro de Investigación de la Acuicultura de Colombia Ceniacua on 11 August 2016, $450,000 of contingent consideration is payable following the satisfaction of specified operational milestones (the "Contingent Consideration").
At the Company's discretion, the Contingent Consideration is payable in ordinary shares in the Company using an agreed formula. The Company has therefore issued 536,272 Ordinary Shares of 0.1p each in the capital of the Company (the "New Ordinary Shares").
Application has been made for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and trading will commence at 8:00am on 18 January 2021. The New Ordinary Shares will rank pari passu in all respects with the Company's existing ordinary shares in issue.
Following Admission, the total number of ordinary shares in the Company with voting rights in issue will be 668,927,771. This 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 under the Financial Conduct Authority's Disclosure and Transparency Rules.
Trond Williksen, CEO, commented:
"The payment of the contingent consideration is a reflection of the success of our shrimp genetics operations since the acquisition was made. Through a team of leading geneticists, we successfully expanded our genetics business into shrimp and developed a Specified Pathogen Resistant SPR shrimp which will be rolled out in Asia in the coming year.
"Specialist genetics are a significant driver of sustainable production. The introduction of SPR shrimp will help improve sustainability in shrimp production and is an important growth vector for Benchmark, as we remain focused on becoming a profitable, cash generative Group."
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About Benchmark
Benchmark's mission is to enable aquaculture producers to improve their sustainability and profitability.
We bring together biology and technology, to develop innovative products which improve yield, quality and animal health and welfare for our customers. We do this by improving the genetic make-up, health and nutrition of their stock - from broodstock and hatchery through to nursery and grow out.
Benchmark has a broad portfolio of products and solutions, including salmon eggs, live feed (Artemia), diets and probiotics and sea lice treatments. Find out more at www.benchmarkplc.com