appScatter Group plc (AIM: APPS), the scalable business-to-business Software as a Service platform that allows users to distribute and manage their apps on multiple app stores around the world, is pleased to announce that the Company has completed the of the acquisition of Priori Data GmbH. appScatter announced on 26 June 2018 that it had entered into a conditional sale and purchase agreement to acquire 100 per cent. of the share capital of Priori.
The total consideration for the Acquisition is £13.5 million, consisting of £1.8 million in cash and £11.7 million by way of the issue of a total of 16,667,157 new ordinary shares in the Company at an effective issue price of 70 pence per ordinary share.
As a result, the Company has today issued 16,290,325 of the Consideration Shares and 2,318,643 new ordinary shares in the Company pursuant to the conditional fund raise to raise gross proceeds of £1.6 million at a price of 70 pence per ordinary share announced by the Company on 26 June 2018.
The issue of a further 376,832 Consideration Shares (representing €300,000 in issue value) will be deferred until the determination of the completion accounts and the net assets statement in connection with the Acquisition which will be due forty five days after completion.
The Company had previously announced that it had made arrangements for a general private placing of its Ordinary Shares, at a price of 70 pence per Ordinary Share, to be made available to investors prior to completion of the Acquisition. The Company is pleased to announce that it has extended the period for such a private placing of its Ordinary Shares, at a price of 70 pence per Ordinary Share, to 31 July 2018.
Application has been made for the Initial Consideration Shares and the Fund Raise Shares, which will rank pari passu with the Company’s existing ordinary shares, to be admitted to trading on AIM. Dealings in the New Ordinary Shares are expected to commence at 8.00 a.m. on 6 July 2018.
Total Voting Rights
On Admission, the Company will have 86,179,429 ordinary shares of 5 pence each in issue. No ordinary shares are held in treasury. The figure of 86,179,429 may be used by the Company’s shareholders as the denominator in 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 Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
Chief Executive Officer, Philip Marcella, commented: “I am delighted to have reached revised terms for the acquisition by appScatter of Priori. I strongly believe that the combination of the appScatter platform and the data held by Priori will significantly advance the Company’s development and positioning. We are already collaborating with Priori on several new high profile clients – with growing interest in the abilities of the enlarged group from key potential enterprise customers. “