15 Dec 2016 07:00
Instem plc(the "Company" or the "Group")
Revised Earn Out Settlement
Instem plc (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, has reached a revised final agreement (the "Revised Agreement") with the vendors (the "Vendors") of Logos Holdings Limited, which now trades as Instem Clinical. Under the terms of the Revised Agreement the outstanding deferred cash consideration payments totaling £0.7 million will no longer be made and the Vendors will be released from their lock-in agreement in respect of a total of 821,514 Ordinary Shares issued in 2015. No further deferred consideration remains outstanding to the Vendors.
These amended terms reflect the recent trading performance of Instem Clinical, noted at the time of the Group's Half Yearly Report released on 19 September 2016 and in the trading statement of 21 November 2016, with fewer orders having been placed with Instem Clinical than expected when the previous settlement agreement was reached.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
About Instem plc
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 James White | |
Walbrook Financial PR |
+44 (0) 20 7933 8780 |
Paul Cornelius | instem@walbrookpr.com |
Helen Cresswell Sam Allen Paul Whittington | |
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
INS.L (INS)