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3 Feb 2014 07:00
3 February 2014
Instem plc("Instem" or the "Company")
Logos Initial Earn Out Payment
Instem plc (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, is pleased to report that the initial earn out payment in respect of the acquisition of the entire issued share capital of Logos Holdings Limited, along with its subsidiaries, Logos EDC Solutions Limited and Logos Technologies Inc. (together "Logos") has now been made.
As a result of Logos achieving its earn out target for the period from 1 May 2013 to 31 December 2013, the Vendors have been paid an additional consideration of, in aggregate, £450,000 ("Period One Contingent Consideration"), comprising £200,000 in cash, and £250,000 by way of the issue and allotment of ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares") in accordance with the Acquisition Agreement.
A total of 235,850 Ordinary Shares ("Additional Consideration Shares") have been issued at a price of 106p per Ordinary Share, calculated at the average middle market closing price over the 30 business days prior to the date of completion in May 2013. The Additional Consideration Shares will be admitted to trading on AIM as soon as is practicable.
Instem acquired Logos on 13 May 2013 for an initial cash consideration of £0.55 million. Following payment of the Period One Contingent Consideration, further consideration of up to £4.0 million remains payable subject to performance. Any further contingent consideration is payable in a mixture of cash and shares at the Company's discretion, with the number of shares to be allotted based on the average mid-market price per Ordinary Share during the 30 business days immediately preceding (but excluding) the last day of the relevant future payment period.
Total Voting Rights
Following the issue and allotment of the Additional Consideration Shares, the Company's issued share capital comprises 12,000,508 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company is 12,000,508.
The figure of 12,000,508 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 of their interest in, the Company under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
Instem plc | +44 (0) 1785 825 600 |
Phil Reason, CEO | |
Nigel Goldsmith, CFO | |
N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
Richard Lindley Nick Owen | |
Newgate Threadneedle | +44 (0) 20 7653 9850 |
Fiona Conroy | |
Josh Royston | |
Jasper Randall |
About Instem plc
Instem is a leading supplier of IT applications to the early development healthcare market delivering compelling solutions for data collection, management and analysis across the R&D continuum. Instem applications are used by customers worldwide, meeting the rapidly expanding needs of life science and healthcare organisations for data-driven decision making leading to safer, more effective products.
Instem's established portfolio of software solutions increases client productivity in drug development by automating study-related processes and enabling high integrity data sharing. The product suite also offers the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.
Instem supports its clients through full service offices in the United States, United Kingdom and China with additional locations in India and a full service distributor based in Japan.
To learn more about Instem solutions and its mission, please visit www.instem.com or its investor centre http://investors.instem.com/
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