Mediazest Regulatory News (MDZ)

12 May 2006 12:40

MediaZest plc12 May 2006 MediaZest Plc (the 'Company' or 'MediaZest') Touch Acquisition Further to the announcement made by the Company on 26 August 2005 relating tothe acquisition by the Company of Touch Vision Limited ("Touch") from ElectronicMedia Promotions Holdings Limited ("Seller") the board of the Company announcesthat it has agreed with the Seller that no deferred consideration will bepayable pursuant to the Acquisition Agreement. The terms of the Acquisition Agreement stated that £375,000 of deferredconsideration would become payable in the event that pre-tax profit of Touch forthe 12 months ending 31 December 2005 exceeded a specified target. Thisdeferred consideration was to have been satisfied as to 2/3 cash and 1/3 by theissue of new ordinary shares. Accordingly, £250,000 has been released in favour of the Company from an escrowaccount and no further shares will be issued in connection with the Touchacquisition. This information is provided by RNS The company news service from the London Stock Exchange