CentralNic Group plc (LON:CNIC), the global internet platform that derives revenue from the worldwide sales of internet domain names and related services, has announced the issuance of additional consideration shares relating to the performance of KeyDrive SA.
The acquisition of KeyDrive SA on 2 August 2018, has performed well against is highly ambitious targets set for FY2019. As a result of this performance, USD 2,245,000 Additional Consideration attributable to the FY2019 objectives is payable to Inter.Services GmbH. Fifteen per cent, equalling USD 336,750 will be settled in cash. The remainder of the Additional Consideration attributable to the FY2019 objectives will be settled by issuing 1,685,723 Additional Consideration Shares. Inter.Services may still earn up to USD 1,423,000 Additional Consideration in future under the terms of the SPA.
Application has been made to the London Stock Exchange for a total of 1,685,723 Ordinary Shares issued pursuant to the Additional Consideration to be admitted to trading on AIM. Admission is expected to occur at 8:00 a.m. on 3 November 2020. The Ordinary Shares shall rank pari passu with the existing ordinary shares in the Company.
Following Admission, the total number of Ordinary Shares in issue and voting rights in the Company will be 233,738,026. The Company does not hold any shares in Treasury. This may be used by shareholders in 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 in their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules. Inter.Services’ holding will increase from c.15.23% to c.15.84% of the issued share capital of the Company.
Ben Crawford, CEO of CentralNic Group, commented: “We have been delighted with the performance of KeyDrive ever since its acquisition over two years ago. This is an enduring testament to CentralNic’s ongoing successful acquisition strategy and ability to expertly and efficiently integrate businesses.”
The company also announced that the publication of the Group’s Q3 2020 Interim Report, which is required under the terms of its senior secured bond listed under NO0010856750 on the Oslo Stock Exchange, will be on Monday, 30 November 2020. The report will provide details of Q3 trading, however the Board is pleased to confirm at this time that the Company continues to trade in line with market expectations for the full year to 31 December 2020.
There will be a webinar / conference call for equity and debt analysts at 09:30am UK on the day of results, hosted by CEO Ben Crawford and CFO Michael Riedl. Anybody wishing to register should contact Tom Carnegie at email@example.com where further details will be provided.
Commenting, Ben Crawford said: “We embrace this requirement of the Oslo Stock Exchange as an EU regulated market as an opportunity to augment the cadence and timeliness of our financial reporting for the benefit of both debt and equity capital markets.”