1Spatial has amended the details of the disposal of Enables IT.
The geospatial software and services provider sold an initial 80.1% of loss-making cloud-based services provider Enables IT to Champall Consultancy for £1 in March 2018. There was an option to acquire the other 19.9% for £100,000. This figure has been reduced to £20,000 and Champall will pay 15% of EBITDA for the year to June 2020 as long as the margin is at least 10%.
The amendment is dependent on a third party investment in Enables IT of at least £100,000. The option to acquire the 19.9% is likely to be exercised immediately after the investment.
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