Further re. Acquisition of Minority Interest

RNS Number : 8241N

Water Intelligence PLC

12 September 2013

 



AIM: WATR

12 September 2013

Water Intelligence plc

("Water Intelligence" or the "Company")

Further re. Acquisition of the Minority Interest

On 27 August 2010, the Company announced that it had entered into share purchase agreements (the "Purchase Agreements") to acquire the remaining 590,000 common shares in American Leak Detection Holding Corp. from certain shareholders ("the Minority Shareholders") for a consideration satisfied by the issue of 617,364 ordinary shares in the Company ("Consideration Shares").  On the same date the Minority Shareholders sold 99,357 Consideration Shares to Plain Sight Systems, Inc. ("PSS") at a price of 75p per share.

Under the terms of the Purchase Agreements, since 30 June 2011, the Minority Shareholders have had the right, but not an obligation, to require PSS to purchase any number of Consideration Shares held by them at a price of 75p per share (the "Put Option"). The Company was advised by PSS that the Put Option had been extended indefinitely.  To date PSS has acquired an additional 349,188 Consideration Shares.

The Company now has been advised that on 11 September 2013 the Minority Shareholders exercised their right to sell 166,668 Consideration Shares to PSS at a price of 75p per share.  Accordingly, PSS now holds 2,544,051 Ordinary Shares, representing 26.50 per cent. of the issued share capital of the Company.

FURTHER ENQUIRIES:

Water Intelligence plc
Patrick DeSouza, Executive Chairman	Tel: [phone]
Merchant Securities Limited
David Worlidge/Simon Clements	Tel: [phone]

 

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