First Derivatives PLC FD to buy out minority Kx Systems shareholders (1637T)
02 July 2018 - 4:02PM
UK Regulatory
TIDMFDP
RNS Number : 1637T
First Derivatives PLC
02 July 2018
2 July 2018
First Derivatives plc
("FD" or the "Group")
FD to buy out minority Kx Systems shareholders
FD (AIM:FDP.L, ESM:FDP.I) announces that it has reached
agreement with the minority shareholders of Kx Systems, Inc. ("Kx
Systems"), a subsidiary of the Group, regarding the acquisition by
FD of their entire remaining shareholding (the 'Transaction'). Upon
completion of the Transaction, which is expected to take place on
or before 29 June 2019, FD will own 100% of the issued share
capital of Kx Systems.
Terms of the Transaction
FD has agreed to acquire the remaining 600,022 Kx Systems shares
that it doesn't already own from the minority shareholders, namely
Arthur Whitney and Janet Lustgarten, who are co-founders and
current directors of Kx Systems, and their associated persons. The
aggregate consideration is $53.8m in cash, to be financed from FD's
available facilities. The terms of the transaction are in line with
those agreed between FD and the minority shareholders in October
2014, and include a payment of $12.0m in lieu of anticipated
dividends to the minority shareholders for the period up to 31
October 2021.
Brian Conlon, Chief Executive Officer of FD, commented: "Since
we acquired a controlling interest in Kx Systems in October 2014 we
have invested heavily across our business to target multiple new
industries. The agreement to acquire 100% of Kx Systems provides
certainty for the Group and its shareholders as we seek to realise
the considerable potential we see for further growth."
For further information, please contact:
First Derivatives plc +44(0)28 3025 2242
Brian Conlon, Chief Executive www.firstderivatives.com
Officer
Graham Ferguson, Chief Financial
Officer
Ian Mitchell, Head of Investor
Relations
Investec Bank plc
(Nominated Adviser and Broker)
Andrew Pinder
Carlton Nelson
Sebastian Lawrence +44 (0)20 7597 5970
Goodbody (ESM Adviser and
Broker)
Linda Hickey
Finbarr Griffin +353 (0)1 667 0420
FTI Consulting
Matt Dixon
Dwight Burden
Darius Alexander
Niamh Fogarty +44 (0)20 3727 1000
About FD
FD is a global technology provider with 20 years of experience
working with some of the world's largest finance, technology,
retail, pharma, manufacturing and energy institutions. The Group's
Kx technology, incorporating the kdb+ time-series database, is a
leader in high-performance, in-memory computing, streaming
analytics and operational intelligence. Kx delivers the best
possible performance and flexibility for high-volume,
data-intensive analytics and applications across multiple
industries. FD operates from 14 offices across Europe, North
America and Asia Pacific, including its headquarters in Newry, and
employs more than 2,300 people worldwide.
For further information, please visit www.firstderivatives.com
and www.kx.com
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END
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