Subscription Agreement, Issue of Shares for cash

RNS Number : 9600A

Accesso Technology Group PLC

30 March 2017

 

30 March 2017

accesso Technology Group plc

("accesso" or the "Group")

Subscription Agreement with Bart Van Schriek, Issue of Shares for cash

and

Total Voting Rights

The Board of accesso Technology Group plc (AIM: ACSO), the premier technology solutions provider to leisure, entertainment and cultural markets, is pleased to announce that subsequent to the acquisition of Ingresso Group Limited ("Ingresso"), a Global Distribution System for entertainment ticketing pursuant to the terms of a share sale and purchase agreement entered into on 30 March 2017 (the "Acquisition Agreement") and announced earlier today, it has entered into a subscription agreement with Bart Van Schriek, Chief Executive Officer of Ingresso ("Subscription Agreement").

Under the terms of the Subscription Agreement Mr Van Schriek has agreed to subscribe today for 31,685 new ordinary shares of 1p each in the Company ("the Subscription  Shares") for a total cash payment of £499,989 (representing a price of £15.78 per share). Mr Van Schriek has agreed to a three year restriction on the disposal of such shares, under which he is prohibited from making any disposal for the first 12 months, with one third of the stock being released from the restriction at the end of each 12 month period from today.

Under the terms of the Acquisition Agreement, Mr Van Schriek, along with the other vendors, may become entitled to an earn out payment in 2018, based on the audited financial performance of Ingresso for the year ended 31 December 2017 exceeding its financial performance in 2016. If the earn out payment becomes due, Mr Van Schriek has agreed to apply 40% of his net earn out proceeds in subscribing for further new ordinary shares in the company at £15.78 pence per share.  Such shares will be subject to restrictions on disposal for a period of two years, whereby he 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.

Following the issue of the Subscription Shares the Company will have a total of 22,360,480 ordinary shares of 1p each in issue. This figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company. The Company does not hold any shares in treasury.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.  Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information, please contact:

accesso Technology Group plc                                                                                   [phone]

Tom Burnet, Executive Chairman

Steve Brown, Chief Executive Officer

John Alder, Chief Financial Officer

FTI Consulting, LLP                                                                                                          [phone]

Matt Dixon, Adam Davidson

Canaccord Genuity Limited                                                                                         [phone]

Simon Bridges, Martin Davison

Numis Securities Limited                                                                                             [phone]

Simon Willis, Mark Lander

About accesso Technology Group

accesso (AIM: ACSO) is the premier technology solutions provider to leisure, entertainment and cultural markets. Our patented and award-winning technology solutions drive increased revenue for attraction operators while improving the guest experience.

Our solutions add value to operators at every point of the guest experience with our technology facilitating the key points of contact with their many millions of guests.

We drive attendance

The accesso Passport^® and accesso ShoWare^SM ticketing suites are comprehensive, easy-to-use cloud solutions that process tens of millions of tickets every year for assigned seat and general admission venues, enabling operators to maximize up-sell and cross-sell with ease to drive greater revenue.

We handle payments

Our payment gateway carries level 1 PCI security certification and 24/7 support.  It provides the tools, security and support operators need to drive sales and has so far processed more than $5 billion in transactions.

We take guests out of line

Since 2001 more than 11 million guests have used a patented accesso LoQueue^SM solution to queue less, ride more, enjoy a better experience and increase in-attraction spend.

We simplify point-of-sale

Our accesso Siriusware^SM point-of-sale solution offers software modules that combine ticketing, membership, retail, food/beverage transactions, rentals, credit card processing and many other functions into a single system eliminating the need for separate systems and databases.

Attractions and venues worldwide currently employ accesso technology - from theme parks, water parks, cultural attractions, live performance venues and sporting events to ski and snow parks.  We are proud that the majority of the leading names in the leisure industry including Six Flags Entertainment, Cedar Fair Entertainment, Merlin Entertainments, International Speedway Corporation, Palace Entertainment, Compagnie des Alpes and Herschend Family Entertainment, trust our solutions.

accesso is a public company, listed on AIM: a market operated by the London Stock Exchange. For more information visit: www.accesso.com 

ENDS

 

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