Source - SMW
Versarien has acquired AAC Cyroma Ltd, a specialist plastics manufacturing business serving a range of sectors including automotive and fast moving consumer goods.

AAC Cyroma is being acquired for an initial cash consideration of £1.395m plus the assumption of approximately £264,000 debt and £266,000 in new Versarien shares. 

Up to an additional £200,000 of deferred consideration will be payable based upon AAC Cyroma achieving pre-tax profit targets for the years ending 31 December 2017 and 2018.  

The transaction involves Versarien purchasing the entire share capital of The Breakfast Club 2000 Ltd, a non-trading holding company owning 85% of the shares of AAC Cyroma and 15% of the shares of AAC Cyroma from an individual to give Versarien 100% ownership of AAC Cyroma.  

The Consideration Shares will be issued at 10p, being the average mid-market closing price at which shares in Versarien traded for the 5 days immediately prior to completion on 1 October 2016; and will be the subject of a lock-in for the period of 12 months from completion.