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Daily Internet plc announces acquisition and subscription to raise 435,000 pounds

Thursday, 14 Aug 2014 02:01am EDT 

Daily Internet plc:Says acquisition of entire issued share capital of Evohosting Limited (Evohosting).Says for total cash consideration of 395,000 pounds and a subscription to raise 435,000 pounds, at subscription price of 2 pence per share, with existing institutional investors.Terms of the acquisition of the total consideration of 395,000 pounds, 370,000 pounds will be paid on completion and a further 25,000 poundswill be placed into escrow and will be payable 60 days from completion.In addition, further consideration equal to Evohosting's net cash will be payable when agreed or determined.Consideration will be satisfied from the net proceeds of Subscription.Group has raised 435,000 pounds (before expenses) through the issue of 21,750,000 new ordinary shares of 0.5 pence per share at a subscription price of 2 pence per share with existing institutional investors.Application will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM and it is expected that admission will become effective and that dealings in the Subscription Shares will commence on Aug. 21. 

Company Quote

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27 May 2015