Early receipt of consideration
01 March 2010 - 9:50PM
UK Regulatory
TIDMFMJ
RNS Number : 8385H
Formjet PLC
01 March 2010
+--------------------+--------------------+--------------------+
| FOR IMMEDIATE | | 1 March 2010 |
| RELEASE | | |
+--------------------+--------------------+--------------------+
Formjet plc
('Formjet' or 'the Company')
Early receipt of consideration
As previously announced, the second instalment of the consideration for the
disposal of Panda Software (UK) Limited, an amount of GBP500,000 , was due to be
received from Panda Security, S.L ("Panda Security") on 8th July 2010, with a
third and final instalment of GBP200,000 receivable on 31 December 2010.
The Board of Formjet Plc (to be renamed Third Quad Capital plc, subject to
approval of shareholders at the AGM on March 4th) is pleased to announce that it
has negotiated early payment of the second instalment, at a cost of 3.5 per
cent. of the amount involved. The resultant instalment of GBP482,500 has been
received today. The Board believes that the cash management benefit to the
Company of receiving this amount early justifies the discount involved.
Enquiries:
For further information, please contact
Formjet plc
Andrew Monk, CEO
012 9384 8860 or 07973 224 283
Shore Capital and Corporate Limited
Andrew Raca or Edward Mansfield
020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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