Harvey Nash Group Regulatory News (HVN)

24 Nov 2008 10:01



RNS Number: Harvey Nash Group PLC

Harvey Nash Group Plc ("the Company") 

Application has been made to the Financial Services Authority and the London Stock Exchange plc for a total of 371,058 Ordinary Shares of 5p each ("shares") to be admitted to the Official list and to trading on The London Stock Exchange's market for listed securities ("Admission"). 28th November 2008 is the expected date for admission to the Official List. 

These shares are being issued in connection with the Company's contingent consideration for the acquisition of Harvey Nash (Ireland) Limited (formerly Rescon Limited) and will rank pari passu with the existing issued shares. The business has achieved the first earnout target and accordingly the first tranche of contingent consideration is being settled in cash Euro1,784,371 and 371,058 shares. 

The total contingent consideration of approximately Euro4.0 million is split into three tranches, this being the first tranche, with two further trances depending on the achievement of demanding profit targets in each of the years ending 31 July 2009 and 31 July 2010. If these demanding thresholds are exceeded, up to Euro2.3 million additional contingent consideration in Harvey Nash shares may become due.

If Rescon achieves and exceeds the demanding profit targets, the maximum consideration is capped at Euro10 million. 

For further information: 

Richard Ashcroft 

Company Secretary 

Harvey Nash +44 (0) 20 7333 1805