Tracsis, a provider of software and services for the traffic data and transportation industry, has released further information regarding its recently announced acquisitions of Travel Compensation Services (TCS), Delay Repay Sniper (DRS) and S Dalby Consulting (the holding company of TCS).
The consideration comprised an initial cash payment of £1.75m; the issue of 28,571 ordinary shares in Tracsis at a total value of £0.15m; an additional cash payment in respect of net current assets (yet to be calculated) of up to £0.25m; and a contingent deferred cash consideration of up to £4.7m, payable annually based on the significant growth in performance of the acquisitions over a three year period.
As at 30 September 2017, the gross assets subject to the transaction were £0.4m.
The ordinary shares in relation to the vendor equity consideration have been issued at 525.0p, the closing price as at 31 January 2018.
The size of the transaction falls significantly below all of the disclosure thresholds for corporate transactions under AIM Rule 12.
At 9:43am: (LON:TRCS) Tracsis PLC share price was 0p at 500p