Final Edgewater Associates consideration paid

FOR IMMEDIATE RELEASE                                          Date: 2^nd January 2014

 

 

Manx Financial Group PLC (the 'Company')

 

Final Deferred Consideration for Edgewater Associates Limited paid in full

 

 

On 2^nd August 2010, Manx Financial Group PLC announced the acquisition of Edgewater Associates Limited ("Edgewater") and provided details of a deferred consideration element, payable to the Vendors on the signing of Edgewater's accounts for the financial years ending 31^st December 2010, 2011 and 2012. As disclosed, the deferred consideration in respect of the financial years ending 31^st December 2010 and 2011 has already been paid.

 

The last deferred element payable on approval of the accounts for the financial year ending 31^st December 2012 was originally expected to be £159,000 in cash and £175,000 payable in Consideration Shares. Following agreement with the Vendors, a total amount of £334,000 has been paid in cash in full and final settlement of the Company's obligations under the agreement and no Consideration Shares have been issued to the Vendors.

 

For further information, please contact:

Manx Financial Group PLC Denham Eke Tel +44 (0) 1624 694694

Beaumont Cornish Limited Roland Cornish/Felicity Geidt Tel +44 (0) 20 7628 3396

Britton Financial PR Tim Blackstone Tel +44 (0) 7957 140416