Jaywing PLC Exercise and completion of put option (6950C)
21 Octubre 2020 - 1:00AM
UK Regulatory
TIDMJWNG
RNS Number : 6950C
Jaywing PLC
21 October 2020
21 October 2020
Jaywing plc ("Jaywing")
("Jaywing", "the Company" or "the Group")
Exercise and completion of put option in respect of Massive
Group Pty Ltd (trading as Jaywing Australia)
Jaywing plc (AIM: JWNG), the UK agency specialising in data
science, announces that the two directors of Massive Group Pty Ltd
("Massive Group") in Australia have exercised their put option in
relation to the 25% of the shares in Massive Group held by entities
controlled by the two directors, and which were not already owned
by Jaywing. The purchase of these shares has been completed today,
and Jaywing now owns 100% of the shares in Massive Group, which has
traded as Jaywing Australia since 2017.
Jaywing and Massive Group Ltd entered into an Agreement on 7
July 2016, whereby Jaywing acquired 75% of the shares of Massive
Group, with the remaining 25% subject to a Put and Call Option from
July 2020. This 25% stake has now been acquired by Jaywing for a
consideration of $4.0m (c.GBP2.2m), comprising $3.0m (c.GBP1.66m)
immediately, followed by a series of monthly payments totalling
$1.0m (c.GBP0.54m) between now and 30 June 2021. The total
consideration for the purchase of the 100% interest in Massive
Group is $9.5m (GBP5.4m).
Massive Group's business has grown strongly since 2016 and has
more than doubled its EBITDA. This has enabled approximately 93% of
the total consideration for the put option to be funded from funds
generated in Australia. Massive Group continues to work
collaboratively with the UK business on clients and services.
Andrew Fryatt, CEO, commented:
"Since the original agreement in 2016, the management team of
Massive Group have very successfully driven both revenue growth and
EBITDA performance, building a strong foundation for the future
business for the next few years. We are delighted to welcome them
fully into the Group, and I know they are committed to continuing
this record of growth, trading as Jaywing Australia."
This announcement is released by Jaywing and contains inside
information for the purposes of Article 7 of the Market Abuse
Regulation (EU) 596/2014 ("MAR"), and is disclosed in accordance
with the Group's obligations under Article 17 of MAR.
For the purposes of MAR and Article 2 of Commission Implementing
Regulation (EU) 2016/1055, this announcement is being made on
behalf of the Group by Andrew Fryatt, Chief Executive Officer.
Enquiries
Jaywing plc ( www.jaywingplc.com )
Andrew Fryatt (CEO)
Tel: 0114 281 1200
Cenkos Securities plc
Nicholas Wells/Callum Davidson (Nominated Adviser)
Tel: 0207 397 8900
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCPPGGCUUPUGAU
(END) Dow Jones Newswires
October 21, 2020 02:00 ET (06:00 GMT)
Jaywing (LSE:JWNG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Jaywing (LSE:JWNG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024