Impellam announces shares update
These shares have been issued to part satisfy deferred consideration now payable of £5.09 million, in accordance with the terms of the earn-out. The issue price has been calculated based on the Company's average mid-market closing price over the 20 business day period ended 6 March 2015.The remaining consideration of £2.55 million is to be paid to the vendors in cash by 19 March 2015. As previously announced, a further deferred consideration of up to £13.9 million may be payable in early 2016, subject to earn-out targets being achieved.
An application has been made for the Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 13 March 2015. Following Admission, the Company's issued share capital will consist of 49,221,359 ordinary shares.
As part of the deferred consideration payment, Derek O'Neill, non-Executive director of Impellam and major shareholder and director of Lorien, and his wife, have been issued 148,968 Consideration Shares and will receive a cash payment of £0.93 million. Following the issue of Consideration Shares, Mr O'Neill's beneficial interest in Impellam, including his wife's interest, is 746,089 ordinary shares representing approximately 1.5 per cent of the Company's enlarged share capital.