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22 Mar 2010 13:23
Chime Communications PLC
("the Company")
Additional Listing
The Company announces that as a result of the achievement of the profit targets set under the original agreement to acquire Fast Track Sales Limited, deferred consideration has become payable to the value of £7,172,302. The Company has elected to satisfy this by the issue of 3,519,578 ordinary shares of 25 pence each ("Shares") based on the average share price of the last 30 business days prior to 17 March 2010, the date on which the application for listing was submitted.
Application has therefore been made to the Financial Services Authority and the London Stock Exchange plc for 3,519,578 Shares to be admitted to the Official List of the UKLA and to trading on the London Stock Exchange. It is expected that the Shares will be admitted and trading will commence on 23 March 2010. The Shares will rank pari passu with the Company's existing issued Shares.
Under the terms of the Fast Track Sales Limited acquisition agreement dated 12 March 2007, the Vendors of Fast Track Sales Limited have further contingent deferred consideration payable in 2013.
The Company has other outstanding deferred considerations due in 2010 of £3,581,000 which it has elected to pay entirely in cash.
In addition the Company was due to issue 917,678 new Shares in March 2010 following the maturity of the current co-investment plan. The Company has now elected to purchase existing Shares for this in order to minimise the dilution to existing shareholders.
Following admission of the new 3,519,578 Shares on 23 March 2010, the issued share capital of the Company will be 73,362,935 Shares each with voting rights.
For further information, please contact:
Lord Bell 020 7861 8515
Chairman
Mark Smith 020 7861 8515
Finance Director
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