CentralNic Group plc (LON:CNIC), the global internet platform that derives revenue from the worldwide sales of internet domain names and related services, has provided an update in relation to its acquisition of the Zeropark and Voluum businesses including all material trade and assets pertaining thereto.
Further to the announcement dated 10 September 2020, completion of the Acquisition is subject to a number of pre-condition actions having either been carried out or waived by the Company such as, inter alia, a pre-completion restructuring of Codewise and the Company procuring finance to fund the Acquisition.
The Company is pleased to announce that the Acquisition Conditions have been satisfied or waived and substituted with adequate or better completion deliverables and as such the completion of the Acquisition is now unconditional and shall take place with an effective date of 31 October 2020.
In consequence, as further announced on 11 September 2020, the consideration for the Acquisition is being funded via a placing of 40,000,000 new ordinary shares at a placing price of £0.75 per share to raise £30 million and it is expected that the Placing Shares will be admitted to trading on AIM on 8:00 a.m. on 30 September 2020. The net proceeds of the Placing will be utilised solely by the Company to fund the payment of the consideration for the Acquisition and associated deal costs.
Commenting, Ben Crawford CEO of CentralNic, said: “The swift completion of the Acquisition Conditions augurs well for the future collaboration with the enlarged team. We look forward to formally completing so that we can commence executing our integration strategy and begin to offer Codewise’s products and services to our new and existing customers.”