25 Jun 2019 07:00
25 June 2019
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Xpediator Plc
("Xpediator" or the "Group")
Issue of Equity
The Board of Xpediator, (AIM: XPD), a leading provider of freight management services across the UK and Europe, notes that pursuant to the acquisition of Regional Express Limited ("Regional Express"), as announced on 6 November 2017, a final deferred consideration payment of up to £350,000, based on the performance of Regional Express is payable to the vendors of Regional Express. Regional Express has recently secured a potentially significant framework contract which will require additional investment that is expected to impact upon Regional Express's ability to reach its profit target under the deferred consideration arrangements. The Board has therefore agreed to pay the maximum deferred consideration to allow the management of Regional Express to develop this potential significant new business opportunity and to focus on the longer-term growth opportunities for Regional Express.
The deferred consideration payment will be settled by the payment in November 2019 of £315,000 in cash and the issue of new ordinary shares in the Group to the value of £35,000 at the prevailing rate in November 2019 to the vendors of Regional Express (the "Deferred Consideration Shares").
Details of the Deferred Consideration Shares
Application will be made for the Deferred Consideration Shares, which will rank pari passu with the existing ordinary shares of 5 pence each in the Group, to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). It is expected that Admission will occur during November 2019.
The vendors have agreed not to dispose of the Deferred Consideration Shares for a period of twelve months from the date of issue without the prior consent of the Company's nominated adviser and joint broker, SP Angel Corporate Finance LLP, and the Company's joint broker, Cantor Fitzgerald Europe.
Enquiries
Xpediator plc | Tel: +44 (0)330 043 2395 |
Stephen Blyth, Chief Executive Officer | Email: info@xpediator.com |
Stuart Howard, Chief Financial Officer | |
SP Angel Corporate Finance LLP (Nominated Advisor & Joint Broker) | Tel: +44 (0)20 3470 0470 |
Jeff Keating | |
Caroline Rowe | |
| |
Cantor Fitzgerald Europe (Joint Broker) | Tel: +44 (0)20 7894 7000 |
David Foreman, Michael Boot (Corporate Finance) | |
Caspar Shand Kydd (Sales) | |
Novella Communications (Financial Public Relations) | Tel: +44 (0)20 3151 7008 |
Tim Robertson | |
Fergus Young |
About Xpediator:
Xpediator is a well-established international provider of freight management services. Established in 1988 by Stephen Blyth, the Group's international network of offices provides road, sea and air freight services, together with logistics and warehousing in the UK and Romania. The business offers integrated freight management within the supply chain logistics and fulfilment sector, through its three main areas: freight forwarding, logistics & warehousing and transport services. With headquarters in Braintree, Essex and country offices in nine CEE countries across 38 sites, the Group currently employs 938 people and was successfully listed on London's AIM market in August 2017.
For more information, please visit: www.xpediator.com.
Alternatively, do follow us on Twitter at @Xpediator or find us on LinkedIn at Xpediator Plc.