Last checked at 18 Apr 2024 10:00
18 April 2024
The Mission Group plc
("MISSION" the "Company" or the "Group")
Issue of Contingent Consideration Shares, Total Voting Rights
The MISSION Group plc (AIM: TMG), creator of Work That CountsTM, comprising a group of digital marketing and communications Agencies, provides an update on contingent consideration payments in relation to certain of the Group's past acquisitions, Influence Sports & Media ("Influence") and Mezzo Labs Ltd ("Mezzo"), first announced on 8 December 2022 and 14 February 2023 respectively, and more recently referenced in the Group's final results for the year ended 31 December 2023 on 28 March 2024.
Under the terms of both acquisitions, deferred consideration contingent on the financial performance of the ongoing businesses is now payable in respect of the first financial year following completion of the acquisitions (the "Contingent Consideration"). The Contingent Consideration is to be satisfied by a combination of cash and Mission shares which has been agreed between the Company and the vendors in accordance with the provisions of the underlying acquisition agreements. As such, the Company will be issuing 2,222,222 ordinary shares in aggregate to the vendors of Influence and Mezzo at the vendors' request, comprising (i) 1,000,000 existing ordinary shares held by the Company's employee benefit trust and (ii) 1,222,222 new ordinary shares in the Company to be issued at a price of 22.5 pence per share based on the Company's average share price over the 10 business days preceding 17 April 2024 (the "New Ordinary Shares").
Application has therefore been made for 1,222,222 New Ordinary Shares to be issued to be admitted to trading on AIM with admission expected to take place on 23 April 2024 ("Admission").
Following the allotment and issue of the New Ordinary Shares, there will be 92,238,119 ordinary shares in issue. The Company holds no ordinary shares in treasury and therefore this figure may be used by shareholders of the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
ENDS
ENQUIRIES
James Clifton, Chief Executive Officer Giles Lee, Chief Financial Officer The MISSION Group plc |
Via Houston |
Simon Bridges/Andrew Potts/Harry Rees | |
Canaccord Genuity Limited (Nominated Adviser and Broker) | 020 7523 8000 |
Kate Hoare / Alexander Clelland / India Spencer | |
HOUSTON (Financial PR and Investor Relations) | 0204 529 0549 |
NOTES TO EDITORS
MISSION is a collective of digital marketing and communications Agencies employing over 1,100 people across 25 locations and 3 continents. The Group successfully combines its diverse expertise to produce Work That Counts TM for Clients, whatever their ambitions. Creating real standout, sharing real innovation and delivering real growth for some of the world's biggest brands. www.themission.co.uk