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Zinc Media to make £0.4m payout to The Edge vendors
(Sharecast News) - Zinc Media Group announced on Friday that it will make a £0.4m earnout payment to the vendors of The Edge Picture Co following the subsidiary's strong trading performance and the achievement of earnings targets set out in the original acquisition terms. The AIM-traded firm said that of the total amount, £0.183m would be paid in cash, with the remaining balance settled through the issue of 342,208 new shares.
It said the shares would be issued at 0.6423p each, reflecting the average market price over the 30 business days to 19 March.
The new shares would be subject to a 12-month lock-in period and orderly market provisions.
Admission of the new shares to trading on AIM was expected at 0800 GMT on or around 26 March.
Following the issue, Zinc Media would have 24,687,210 shares in issue, with no shares held in treasury.
"We are very pleased with the progress of The Edge in the period post-acquisition," said chief executive officer Mark Browning.
"The Edge are performing ahead of acquisition expectations, have integrated well into the group and have further growth opportunities ahead."
At 1010 GMT, shares in Zinc Media Group were up 0.56% at 62.85p.
Reporting by Josh White for Sharecast.com.
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