Under the terms of the sale and purchase agreement (SPA), the first tranche of the payment consideration has been paid.
Of the consideration, a cash payment of US$816,373 or $1.08 million has been paid. LMS Compliance has also issued 9.5 million new ordinary shares at 42 cents apiece or US$2.99 million. The price per share reflects a 15% premium to the six-month volume-weighted average price (VWAP) of the shares in LMS Compliance immediately before July 11.
The new shares represent 8.3% of LMS’s enlarged issued and paid-up share capital.
The first tranche accounts for about 84.5% of the total purchase consideration for the acquisition of Anchor Technology Holdings.
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Shares in LMS Compliance closed flat at 39.5 cents on July 11.
