On 31 October 2019, SmartSpace Software plc, (LON:SMRT) the leading provider of ‘Integrated Space Management Software’ for smart buildings, commercial spaces announced that it had completed the acquisition of Space Connect Pty Limited for consideration of AUD 6.0 million (approximately £3.2 million at the applicable exchange rate at the time). As part of the Consideration, 675,411 new ordinary shares of 10 pence each in the capital of the Company were to be issued 18 months from completion if no claims arose under the Share Purchase Agreement signed on completion.
This period of time has now elapsed and SmartSpace Software can confirm that no claims have arisen under the SPA. Accordingly, the Company has allotted the Retention Shares and application has been made to the London Stock Exchange for all 675,411 of the Retention Shares to be admitted to trading on AIM at 8.00 a.m. on 30 April 2021.
In addition to the lock-ins on the initial completion consideration shares set out in the announcement dated 31 October 2019, the Retention Shares will be subject to an 12 month lock-in from the date of issue.
The Retention Shares are being issued to Pope Family Investment Pty Ltd, of which Matthew Pope (a Senior Manager in SmartSpace and the founder of Space Connect) is the ultimate beneficiary.
Total Voting Rights
Following the issue and allotment of the above Retention Shares, the Company’s issued share capital will comprise of 28,931,234 Ordinary Shares. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of voting rights in the Company is 28,931,234.
The figure of 28,931,234 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change of their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.