1Spatial Plc - Amendment to Enables IT Disposal Agreement
1Spatial plc (AIM: SPA)
("1Spatial", the "Company" or the "Group")
Amendment to Enables IT Disposal Agreement
1Spatial, the global geospatial software and solutions company, announces that it has entered into an agreement (the "Amendment Agreement") to amend the terms of the share purchase agreement dated
Under the original terms of the SPA, Champall was granted an option (the "Option") to acquire 1Spatial's remaining 19.9 per cent. interest in Enables for an exercise price of
Furthermore, subject to the Subsidiary achieving an EBITDA margin of not less than 10 per cent. for the financial year ending
The amendments reflected in the terms of the Amendment Agreement will take effect subject to a bona fide arm's length third party investor completing an investment of at least
As Michael Walliss has been a director of a subsidiary of the Group within the past 12 months, entry into the Amendment Agreement constitutes a related party transaction for the purpose of AIM Rule 13. The Directors consider, having consulted with the Company's nominated adviser, N+1 Singer, that the terms of the transaction are fair and reasonable insofar as the shareholders are concerned.
"In line with our strategy, the disposal allows us to fully focus on our core Global Geospatial business whilst removing future potential liabilities. 1Spatial remains well positioned to deliver against its strategy of selling innovative spatial solutions to our customers across our three key sectors."
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For further information, please contact:
1Spatial plc 01223 420 414
Andrew Roberts / Claire Milverton
N+1 Singer 020 7496 3000
Shaun Dobson / Lauren Kettle (Corporate Finance)
Tom Salvesen (Corporate Broking)
FTI Consulting LLP 020 3727 1000
Dwight Burden / Alex Le May
LEI Code: 213800VG7OZYQES6PN67
1Spatial is a software solutions provider and global leader in managing geospatial data. We work with our clients to deliver real value by making data current, complete and consistent through the use of automated processes - ensuring that decisions are always based on the highest quality information available.
Our unique, rules-based approach delivers enterprise-scale, cross-platform, automation to all stages of the data lifecycle. It builds confidence in the data while reducing the time and cost of stewardship. Our global clients include national mapping and land management agencies, utilities, transportation organisations, government departments, emergency services, defence and census bureaus.
A leader in our field, we have a wealth of experience and a record of continual innovation and development. We partner with some of the leading technology vendors including, Esri and Oracle.
For more information visit www.1spatial.com
This information is provided by RNS, the news service of the
Quick facts: 1Spatial
Market Cap: £19.95 m
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