31 May 2017 08:39
Instem plc("Instem" or the "Company")
Samarind Deferred Consideration Payment and Total Voting Rights
Instem (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, announces that the first deferred consideration payment of £450,000 in respect of the acquisition of Samarind Limited ("Samarind") by the Company in May 2016, was made on 30 May 2017 pursuant to the acquisition agreement.
The deferred consideration has been satisfied by the payment of £275,000 in cash and £175,000 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 (the "New Ordinary Shares").
A total of 88,608 New Ordinary Shares have been issued at a price of 197.5 pence per Ordinary Share, calculated at the average middle market closing price over the 7 business days immediately prior to the date of issue.
Application will be made to the London Stock Exchange for the admission of the New Ordinary Shares to trading on AIM and admission is expected to take place at 8.00 a.m. on 5 June 2017.
Instem acquired Samarind in May 2016 for an initial consideration of £1.5m. Following the first payment of deferred consideration (as set out above), an additional £0.2m of deferred consideration will be due in May 2018, with contingent consideration of up to £0.35m payable in cash in the second half of 2017 subject to the financial performance of Samarind.
Total Voting Rights
Following the issue and allotment of the above New Ordinary Shares, the Company's issued share capital comprises 15,865,160 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company is 15,865,160.
The figure of 15,865,160 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 |
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Nigel Goldsmith, CFO |
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N+1 Singer (Nominated Adviser & Broker) |
+44 (0) 20 7496 3000 |
Richard Lindley James White |
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Walbrook Financial PR |
+44 (0) 20 7933 8780 |
Paul Cornelius | instem@walbrookpr.com |
Helen Cresswell Sam Allen Paul Whittington |
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About Instem
Instem is a leading supplier of IT applications and services to the early development healthcare market delivering compelling solutions for data collection, analysis and regulatory submissions management. Instem solutions are in use 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 portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.
Instem supports over 500 clients through offices in the United States, United Kingdom, France, Japan, China and India.
To learn more about Instem solutions and its mission, please visit www.instem.com