OnTheMarket has announced that the initial consideration paid for the 80% of shares in Glanty Limited (which operates letting agency software, teclet) that it acquired in May 2021 is being reduced, with the return by the vendors of 163,154 ordinary shares of £0.002.
This is equivalent to a reduction of £147,000 based upon the share price used in the initial purchase of the 80% of the proptech company.
The refund is calculated by the post-completion adjustment mechanism based upon Glanty Limited’s net cash/net debt and actual working capital position as at completion.
Of the balance of 1,365,678 shares received by the vendors of Glanty Limited, 423,589 are locked-in for 3 years and 942,089 are locked-in for 4 years from 28 May 2021.
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