Bilby PLC Payment of Additional Cash Consideration (4609G)
August 08 2016 - 2:00AM
UK Regulatory
TIDMBILB
RNS Number : 4609G
Bilby PLC
08 August 2016
Bilby Plc ("Bilby" or the "Group")
Payment of Additional Cash Consideration
Bilby Plc (AIM: BILB.L), the holding company for P&R
Installation Company Limited, Purdy Contracts Limited, Spokemead
Maintenance Limited ("Spokemead"), and DCB (Kent) Limited, a group
of companies that provide gas heating, electrical and building
services, is pleased to announce that Spokemead has met its earn
out performance conditions for the year ended 30 June 2016.
Additional Consideration
As a result of Spokemead achieving an adjusted profit before
taxation of more than the target of GBP1,100,000 for the year ended
30 June 2016 and following the approval of the June 2016 management
accounts, Bilby has paid an additional cash consideration of GBP1.0
million ("Additional Cash Consideration") to the Spokemead
vendors.
Subsequent to the settlement of the Additional Cash
Consideration noted above, further consideration of up to GBP1.5
million shall be paid subject to Spokemead achieving performance
targets over the year ending 30 June 2017 and the period to 30
September 2018 ("Further Consideration") as detailed in the
announcement released on 24 March 2016.
Enquiries:
Bilby Plc 020 8269 3777
Phil Copolo, Deputy Executive Chairman
Katie O'Reilly, Finance Director
Panmure Gordon 020 7886 2500
(Nominated Adviser and Broker)
Dominic Morley
James Greenwood
Hudson Sandler 020 7796 4133
(Financial PR)
Charlie Jack
Emily Dillon
This information is provided by RNS
The company news service from the London Stock Exchange
END
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