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Northbridge Industrial Services Plc Announces Acquisition Of Assets Of Oilfield Material Management Limited

Friday, 15 Nov 2013 02:00am EST 

Northbridge Industrial Services Plc announced that it has completed the acquisition of the trade and assets of OMM BVI based in Abu Dhabi for an initial consideration of USD3.0 million (GBP1.9 million) (the initial consideration), made up of USD2.5 million (GBP1.6 million) in cash and USD0.5 million (GBP0.3 million) in 66,829 Northbridge ordinary shares in addition to a deferred payment element of a maximum of USD4.75 million (GBP3.0 million). The new ordinary shares are subject to a 38 month lock-in and orderly market agreement. The assets have been acquired by Northbridge (Middle East) FZE, a wholly owned subsidiary of Northbridge, and will trade utilising the Group's existing oil tools identity as 'Tasman OMM Ltd'. In addition to the initial consideration, Northbridge expects to pay a Deferred Consideration in March 2017. This will comprise a minimum payment of USD2.5 million (GBP1.6 million) plus an additional maximum payment of USD2.25 million (GBP1.4 million), which will be subject to the performance of the business during the 12 months ending 31 December 2016. The maximum Deferred Consideration will become payable if net profit before taxation from Tasman OMM Ltd equals or exceeds USD3.4 million (GBP2.1 million) during that year. 

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