Amino Technologies PLC Completion of Acquisition of Entone Inc. (7700V)
12 August 2015 - 4:00PM
UK Regulatory
TIDMAMO
RNS Number : 7700V
Amino Technologies PLC
12 August 2015
12 August 2015
Amino Technologies PLC
("Amino" or the "Company")
Completion of acquisition of Entone Inc.
Amino Technologies PLC (LSE: AMO), the Cambridge-based provider
of digital entertainment solutions for IPTV, Internet TV and
in-home multimedia distribution, is pleased to announce that it has
completed the acquisition of Entone Inc. ("Entone"), a provider of
broadcast hybrid TV and connected home solutions.
This follows the announcements on 21 July 2015 in relation to
the Acquisition and Placing, and approval of the Resolutions at the
General Meeting of the Company on 10 August 2015.
As previously announced, the Total Consideration comprises
Initial Consideration of $65.0 million and Deferred Consideration
of $8.0 million, of which $5.0 million will be payable on the first
anniversary of Completion and a further $3.0 million payable on the
second anniversary of Completion, to qualifying Entone Management
only.
Following receipt of the Management Elections from Entone
Management, the Company has determined that:
i) on the first anniversary of Completion, the proportions of
shares and cash to be subscribed for will be 1,087,442 Deferred
Consideration Shares and $2.5 million cash; and
ii) on the second anniversary of Completion, the proportions of
shares and cash to be subscribed for will be 652,459 Deferred
Consideration Shares and $1.5 million cash.
Payment of the Deferred Consideration to the members of Entone
Management is, in each case, conditional on such person remaining
in service with Entone or the Enlarged Group (as applicable) on the
first anniversary of Completion for the first Deferred
Consideration payment and on the second anniversary of Completion
for the second Deferred Consideration payment.
Defined terms used in this announcement shall have the meanings
set out in the circular to shareholders of the Company dated 22
July 2015.
Donald McGarva, Chief Executive of Amino, commented:
"We are delighted to have completed the acquisition and look
forward to integrating Entone into our business. This
transformational acquisition broadens our capabilities and market
reach globally across IPTV, hybrid broadcast and a range of
connected home solutions.
This deal is closely aligned with our recent acquisition of
Booxmedia and is a strong strategic and cultural fit for Amino.
We anticipate the combined group will generate a number of
synergies and expect the acquisition to be significantly earnings
accretive in the first full year of ownership. We look forward to
the future with confidence and are excited by the long-term
potential for a bigger, bolder Amino."
For further information please contact:
Amino Technologies PLC +44 (0)1954 234100
Thomas Keith Todd CBE, Chairman
Donald McGarva, Chief Executive Officer
Julia Hubbard, Chief Financial Officer
FTI Consulting LLP (Financial PR) +44 (0)20 3727 1000
Matt Dixon / Chris Lane / Alex Le May / Nicola Krafft
Canaccord Genuity Limited (Financial Adviser and Joint Bookrunner) +44 (0)20 7523 8000
Simon Bridges / Piers Coombs / James Craven / Emma Gabriel
finnCap Ltd (NOMAD and Joint Bookrunner) +44 (0)20 7220 0500
Stuart Andrews / Matt Goode / Carl Holmes (Corporate Finance)
Simon Johnson (Corporate Broking)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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