IMImobile Settles Healthcare Communications Deferred Payment Early (ALLISS)

LONDON (Alliance News) - IMImobile PLC said Monday it has agreed an early settlement of the ...

Alliance News 11 February, 2019 | 11:59AM
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LONDON (Alliance News) - IMImobile PLC said Monday it has agreed an early settlement of the performance related deferred consideration payable for its Healthcare Communications UK Ltd acquisition.

IMImobile acquired Healthcare Communications UK for GBP9.0 million at the end of 2017 with a further deferred consideration of up to GBP6.0 million based performance based on earnings before interest, tax, depreciation and amortisation targets.

According to the cloud communications software firm, Healthcare Communications UK has performed at the top end of management expectations, hitting 30% year-on-year gross profit growth.

The company said it is within its best interests to settle the deferred consideration to "accelerate integration activities".

As a result, IMImobile will pay GBP2.5 million, with GBP1.8 million in cash and GBP750,000 in shares. The company will immediately issue 348,837 shares. IMImobile will have 66.7 million shares in issue when the new shares are admitted to AIM, expected February 14.

Shares in IMImobile were down 0.5% Monday at 214.00 pence each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
IMImobile PLC 315.90 GBX 0.29 -
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