Ergon Medical

Dec 6, 2021

Link copied 05/02/2017 | 12:00am Innovaderma PLC (LSE:IDP) acquired Ergon Medical Limited for £1 million on May 2, 2017. The consideration will be satisfied by the issuance of ordinary shares at a discount of 25% to the average closing bid price three days prior to and three days post the announcement of the acquisition less the number of ordinary shares in the Innovaderma, which will be issued at the non-discounted average price to settle certain creditors totaling approximately £0.32 million. If, during any calendar year, Prolong returns a 20% EBIT of net sales then the sellers will be entitled to a £0.15 million bonus payment. Post-completion, Andy Zamar, founder of the London Psychiatry Centre and inventor of Prolong, will remain with the Group for the first 12 months, as a consultant of Innovaderma and will receive a consultancy fee of £4,166 per month. Claire Noyce of Hybridan LLP acted as sole broker while Shan Shan Willenbrock and David Roach of Cardew Group acted as PR advisor to Innovaderma.Innovaderma PLC (LSE:IDP) completed the acquisition of Ergon Medical Limited on May 2, 2017. As of May 8, 2017, as part of the consideration, 0.41 million ordinary shares were allotted as the initial consideration shares and 0.15 million ordinary shares were allotted as settlement for debts equating to £0.33 million. As of July 26, 2017, 0.05 million ordinary shares were allotted as the final consideration of shares. © S&P Capital IQ 2021 All news about INNOVADERMA PLC 11/22