Chime Communications PLC Acquires pH Associates Limited

Chime Communications PLC announced that it has entered into an agreement to acquire 100% of the share capital of pH Associates Limited (PHA), company providing market access and data to the pharmaceutical industry, for an initial consideration of GBP6.92 million. The initial consideration comprises GBP6.07 million in cash, and GBP0.85 million in cash representing working capital of PHA at acquisition that is surplus to requirements after PHA joins the group. Chime is acquiring the business from PHA's two owner Directors; Kate Peperell and Lesley Howell. Following completion, Kate and Lesley will continue to develop PHA as part of Chime's healthcare division, OPEN Health. Further tranches of deferred contingent consideration totalling a maximum of approximately GBP14 million, may be payable depending upon the future trading performance of PHA. Three such tranches may be payable, in 2013, 2014, and 2016. In the case of 2014 and 2016, at Chime's option up to 20% of the deferred consideration may be satisfied through the issue of new Chime ordinary shares.