1Spatial tweaks terms of sale of Enables IT subsidiary
Source - SMW
Geospatial software company 1Spatial said it had agreed to amend the terms of an agreement reached in March related to the sale of a controlling stake in Enables IT Group.
ISpatial had agreed to sell its 80% stake in the asset to Champall Consultancy, an entity owned and controlled by Enables managing director Michael Walliss and his wife Erica Walliss.
Under the original terms, Champall was granted an option to acquire 1Spatial's remaining 19.9% stake for an exercise price of £100k.
The amendment had reduced the option call price to £20k.
Champall would also make an additional one-off payment equal to 15% of the subsidiary's Ebitda figure for the 2020 financial year, subject to it achieving an Ebitda margin of not less than 10%.
Champall had also released 1Spatial from any claims that Champall may have against the company under the tax covenant and warranties in the sales agreement.
'In line with our strategy, the disposal allows us to fully focus on our core Global Geospatial business whilst removing future potential liabilities,' chief executive Claire Milverton said.
'1Spatial remains well positioned to deliver against its strategy of selling innovative spatial solutions to our customers across our three key sectors.'
At 8:24am: (LON:SPA) 1Spatial PLC share price was 0p at 33.5p