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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Real Affinity | LSE:RAF | London | Ordinary Share | GB0030285596 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.01 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Issue of Equity 29 October 2007 Real Affinity plc Issue of Equity Real Affinity plc ("Real Affinity" or "the Company"), the AIM-listed marketing services group, announces that it has issued a total of 150,000,000 new Ordinary shares to the vendors of Conferracom Limited ("the Vendors"), which formerly traded as Venues Unlimited ("Venues") prior to its integration within Real Affinity Events. These shares are part of the first tranche of the deferred consideration payable in relation to Real Affinity's acquisition of Venues in June 2006. The new Ordinary shares have been issued at a price of 0.3p per share, equating to a consideration of £450,000, divided equally between Anita Lowe and Christopher Lowe, the Vendors. As a result, each will be interested in 137,500,000 Ordinary shares of Real Affinity, equivalent to 4.05% of the enlarged 3,398,188,456 Ordinary shares in issue. The Directors of the Company are pleased to report that the audited profit after tax of Venues for the year ended 31 March 2007 amounted to £280,237, substantially in excess of the £210,000 required to trigger payment of the deferred consideration for that year. In light of the additional responsibilities associated with the wider group role now being played by Anita Lowe as head of Real Affinity Events, the Directors have agreed with the Vendors that the final deferred consideration payable of £500,000 (comprising £300,000 in cash and £200,000 in new Ordinary shares) will not be contingent upon Venues's profits after tax in respect of the year ended 31 March 2008 being at least £280,000. The amendment to the terms of the deferred consideration is considered to be a related party transaction under the AIM Rules for Companies. The Directors, having consulted with HB Corporate, the Company's Nominated Adviser, consider that the amendment is fair and reasonable so far as the shareholders of the Company are concerned. Application has been made for the new Ordinary shares, ranking pari passu in all respects, to be admitted to trading on AIM. Admission is expected to become effective on 1 November 2007. John Ross, Executive Chairman, commented: "It is very pleasing that Venues has achieved its initial earn-out target of £210,000 after tax, which reflects the focus that the management team has placed on maximising the synergies within our event management and corporate hospitality activities. On the basis of recent trading, I am confident that Venues will meet the original target of £280,000 after tax for the current year to 31 March 2008." For further details, please contact Real Affinity plc Tel: 0113 290 8730 Brent Fitzpatrick, Non-executive Director HB Corporate Tel: 0207 510 8600 Edward Hutton / Rachel Kane Bankside Consultants Tel: 0207 367 8888 Michael Padley / Susan Scott - ---END OF MESSAGE---
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