Payment of Earnout Consideration

RNS Number : 1731L

HeiQ PLC

12 May 2022

 

12 May 2022

HeiQ Plc

("HeiQ" or "the Company")

Payment of Earnout Consideration

and

Total Voting Rights

HeiQ Plc (LSE: HEIQ), an established global brand in materials and textile innovation that operates in high-growth markets, announces the following deferred considerations to be paid pursuant to the acquisitions of RAS AG, Regensburg, Germany ("RAS AG") and Life Material Technologies Limited ("LIFE"), as announced on 29 April 2021 and 15 June 2021 respectively.

In relation to the acquisition of RAS AG, the Board has approved the payment of approximately €2.6 million, based on RAS AG's performance for the year ended 31 December 2021. The deferred consideration will be settled entirely through the issue of ordinary shares of £0.30 each in the capital of the Company, the number of which is calculated based on the contractual terms of the acquisition of RAS AG.

In relation to the acquisition of LIFE, the Board has approved the payment of $2.8 million, based on LIFE's financial performance for the year ended 31 December 2021. The deferred consideration will be settled equally in cash ($1.4 million) and through the issue of ordinary shares ($1.4 million), the number of which is calculated based on the contractual terms of the acquisition of LIFE.

Issue of new ordinary shares

As a result of the above, a total of 3,461,615 new ordinary shares ("New Ordinary Shares") have been issued and allotted pursuant to the acquisitions of RAS AG (2,743,941 ordinary shares) and LIFE (717,674 ordinary shares). The application will be made to the London Stock Exchange and FCA for the New Ordinary Shares to be admitted to the standard segment of the Official List and also admitted to trading on the London Stock Exchange ("Admisison"). Admission is expected to become effective on 13 May 2022.

Total Voting Rights

Following the issue and allotment of the New Shares the Company has 134,392,703 Ordinary Shares in issue. The Company holds no Ordinary Shares in treasury, and therefore the total number of voting rights in the Company is 134,392,703. 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 under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

HeiQ Plc Carlo Centonze (CEO)	[phone]
Cenkos Securities plc (Joint Broker) Stephen Keys / Callum Davidson	[phone]
SEC Newgate (Media Enquiries) Elisabeth Cowell / Axaule Shukanayeva / Molly Gretton	[phone] HeiQ@s ecnewgate . co.uk

About HeiQ

HeiQ Plc is a purpose-led IP creator for novel materials. It develops and commercialises technologies that make textiles, surfaces and materials more hygienic, protective, comfortable and resource efficient. And critically, they make them more sustainable too.

HeiQ offers technologies in 4 main functions to customers and consumers and delivers them in 4 forms (our "4x4" approach). It sells these technologies in a range of different forms - either as ingredients, materials, finished goods or on a trademark licensing basis. Its added functionalities provide product-developers with a valuable USP, which means that HeiQ's end users include over 300 major brands.

During its 17-year history, HeiQ has built long-standing relationships with clients all over the world and secured an established position in the textile sector. In recent years, it has expanded its offerings to other industries to also address material innovations in healthcare, water treatment, industrial laundry, detergents, paints and coatings, plastics and packaging.

HeiQ employs over 200 people, based in 14 offices, 8 R&D hubs and 7 manufacturing facilities around the world. Over 20 distributors complete its global presence to serve over 50 countries.

 

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