Inspired Energy update on deferred payment for STC
Source - SMW
Inspired Energy has issued an update on payment of the deferred consideration for its acquisition of STC Energy and Carbon Holdings.
Inspired Energy announced the acquisition of STC, a market leading energy bureau, billing and management service provider to large multi-site organisations,on 17 Nov 2015.
The consideration payable on completion which amounted to £9.0 million was satisfied in cash and shares.
In addition, there was provision for the payment of an earn-out of up to £3.0m, payable in the two tranches, to be satisfied 50% in cash and 50% by the issue of new ordinary shares.
The group said it settled an initial tranche of deferred consideration of £1.5m in May 2016 and is due to pay a further £1.3m in deferred consideration.
The group said it had entered into a deed of variation of the terms with the vendors of STC and the group would now satisfy all of the final £1.3m deferred consideration payable in cash.
At 9:20am: (LON:INSE) Inspired Energy PLC share price was 0p at 17.38p