MCL acquisition final instalment paid

RNS Number : 6377O

Cohort PLC

22 August 2017

 

22 August 2017

Cohort plc

("Cohort")

MCL acquisition final instalment paid

Cohort, the independent technology group, confirms that, further to the statement in the final results released on 29 June 2017, it has paid a final instalment of £2.5m to MCL's former shareholders under the terms of the acquisition agreement dated July 2014.  This amount includes £0.6m as a final performance-based value adjustment, and just over £1.9m as the former shareholders' share of the surplus cash in the business as at 30 April 2017. The payment was funded from Cohort's existing financial resources.

Ends

For further information, please contact:

Cohort plc	0118 909 0390
Andy Thomis, Chief Executive
Simon Walther, Finance Director
Investec Bank Plc	020 7597 5970
Keith Anderson / Daniel Adams
MHP Communications Limited	020 3128 8100
Reg Hoare / Ollie Hoare

NOTES TO EDITORS

Cohort is the parent company of four innovative, agile and responsive businesses based in the UK and Portugal, providing a wide range of services and products for domestic and export customers in defence and related markets.

MASS is a specialist defence and technology business, focused on electronic warfare, information systems and cyber security.

www.mass.co.uk

MCL is an expert in the sourcing, design, integration and support of communications and surveillance technology for the defence and security markets.

www.marlboroughcomms.com

SEA is an advanced electronic systems and software house operating in the defence, transport and offshore energy markets.

www.sea.co.uk

EID designs and manufactures advanced communications systems for the defence and security markets.

www.eid.pt

 

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