accesso Technology Group PLC (LON:ACSO) has agreed to pay an earn-out consideration of round £7.2mln in respect of its 30 March 2017 acquisition of Ingresso Group Limited.
The premier technology solutions provider to leisure, entertainment and cultural markets said Ingresso's financial performance has been in line with the board's expectations with the earn-out based on achieving financial performance for the year ended 31 December 2017, exceeding its financial performance during the same period in 2016.
The firm added that the agreed earn-out payment being made by the group is £7,228,379 and will be paid in cash from the group's existing cash resources.
The earn-out payment was capped at £10,500,000.
Under the terms of the subscription agreement, Ingresso’s chief executive officer, Bart Van Schriek, committed to applying 40% of his net earn-out proceeds to subscribing for further new ordinary shares in the company at a price of 1,578p per share
Based on the above earnout payment, Van Schriek, is therefore now subscribing for 22,970 ordinary shares in access..
The group said these subscription shares will be subject to restrictions on disposal for a period of two years, whereby Van Schriek, is prohibited from making any disposal of two thirds of the stock for the first 12 months, with half of such shares being released from the restriction at the end of each 12 month period from the date issued.
Accesso shares closed trading on Thursday at 2,200p.