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Nasstar acquires VESK Group

By BFN News | 07:34 AM | Monday 05 October, 2015

Nasstar has acquired the business and assets of VESK Virtual Desktop LLP, Appiam Ltd and VESK Ltd, together known as the VESK Group. Total consideration is £7.81m. This was being satisfied as to £6,375,000 in cash, funded from the Company's existing bank and new facilities put in place for the purpose of this acquisition, and £1,432,102 by the issue of 18,431,172 new Nasstar shares at 7.77p each. All the new Ordinary Shares will be locked in for a period of eighteen months (subject to certain agreed exempt circumstances). The cash element of the total consideration will be paid as to £6,056,250 on 8th October 2015 with deferred consideration of £318,750 being paid in November 2016 subject to confirmation of VESK's EBITDA performance in completion accounts for the 12 month period ended 30 September 2016. The cash element of the deferred consideration may be adjusted downwards if VESK's EBITDA as derived from the completion accounts is below an agreed amount. The acquisition is expected to be immediately earnings enhancing. VESK comprises three separate legal entities under common ownership. Unaudited consolidated management accounts of VESK Group for the year ended 31 May 2015 reported turnover of £2.5m, Pre Tax Profit of £0.6m, with Net Assets of £0.8M as at that date. Story provided by

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