Beeks Financial Cloud Group PLC Velocimetrics earn-out payment and issue of shares (1075I)

TIDMBKS

RNS Number : 1075I

Beeks Financial Cloud Group PLC

09 December 2020

Beeks Financial Cloud Group plc

("Beeks" or the "Company")

Velocimetrics earn-out payment and issue of shares

09 December 2020 - Beeks Financial Cloud Group plc (AIM: BKS), a cloud computing and connectivity provider for financial markets, announces a payment of the earn-out consideration in respect of its acquisition of Velocimetrics Limited ("Velocimetrics"), as announced on 15 April 2020.

Velocimetrics's earn-out was based on achieving certain gross revenue targets during the financial year ending 30 June 2020. Further earn out consideration may become payable for the year ended 30 June 2021.

The agreed earn-out payment being made by the Group shall be satisfied by the payment of GBP48,890 in cash and by the issue of 430,946 ordinary shares of 0.125 pence par value each (the "Earn Out Shares"). These Earn Out Shares will be subject to a 12-month lock-in restriction subject to certain customary exceptions, including with the prior written consent of the Company.

Application has been made to the London Stock Exchange for the 430,946 Earn Out Shares to be admitted to trading on AIM, with admission expected to take place at 8:00am on 15 December 2020 ("Admission"). Following Admission of the Earn Out Shares, the Company will have a total of 51,703,322 Ordinary Shares in issue.

This above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company. The Company does not hold any shares in treasury.

For further information please contact:

 
 Beeks Financial Cloud Group 
  plc 
 Gordon McArthur, CEO             via Alma PR 
 Fraser McDonald, CFO 
                                  [phone] 
 Canaccord Genuity                 8000 
 Adam James / Angelos Vlatakis 
 Alma PR                          [phone] 
 Caroline Forde / Helena 
  Bogle / Josh Royston 
 

ABOUT BEEKS FINANCIAL CLOUD

Beeks Financial Cloud is a leading cloud computing, connectivity and analytics provider for financial services. Our cloud-based Infrastructure-as-a-Service (IaaS) model allows financial organisations the flexibility and agility to deploy and connect to a variety of exchanges, trading venues and cloud service providers at a fraction of the cost of building their own networks and infrastructure. Based in the UK with an international network of 18 datacentres, Beeks supports its global customers at scale in the leading financial centres.

For more information, visit: www.beeksfinancialcloud.com

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December 09, 2020 08:14 ET (13:14 GMT)