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Education Dev Intl (EDD)

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Friday 24 June, 2011

Education Dev Intl

Deferred Consideration and Issue of Equity

RNS Number : 0480J
Education Development Intl PLC
24 June 2011
 



24 June 2011

 

 

 

 

 

EDUCATION DEVELOPMENT INTERNATIONAL PLC

 

ISSUE OF EQUITY AND TOTAL VOTING RIGHTS

 

DEFERRED CONSIDERATION PAYMENT BASED ON eNVQ REVENUE GROWTH

 

 

 

Education Development International plc ('the Company'), the leading provider of educational qualifications and assessment services, announces that it has today made a deferred consideration payment in respect of the acquisition of eNVQ Limited ('eNVQ') on 31 May 2007.

 

Under the terms of the purchase agreement, deferred consideration is payable on the basis of incremental revenue at the end of each of the four years following the acquisition.

 

Over the past 12 months, eNVQ revenues have increased by £156,296, 27 per cent.  Under the terms of the purchase agreement, 25 per cent of this amount £39,074 is now payable to the vendors and will be the last payment to be made in respect of the deferred consideration for the acquisition of eNVQ. The consideration will be partly satisfied by the payment of £29,306 in cash with the balance of £9,768 payable through the issue of 4,884 new Ordinary Shares of 1p each in the Company, at a price of 200p, representing less than 0.01% of the Company's enlarged issued share capital.

 

The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in the Company.  Application will be made for the new Ordinary Shares to be admitted to AIM at the earliest opportunity.

 

Following the issue of the new Ordinary Shares, the total issued share capital of the Company is 56,364,531.

 

For further information please contact:

 

Education Development International plc

Walbrook PR Limited

Nigel Snook - Chief Executive

Paul McManus/Paul Cornelius

Paul Bird - Finance Director

Tel: 020 7933 8787

Tel: 024 7651 6510

Mob: 07980 541 893

http://www.ediplc.com

 

[email protected]

[email protected]

Brewin Dolphin Limited


Matt Davis / Iain Marlow


Tel: 0845 213 4851


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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