Xploite says that it is in dispute with Cantono over deferred consideration it may have to pay for the managed IT services business it bought from Cantono.
The deal was that IT services business provider Xploite would pay 1.9m upfront and ã1.1m three months after the deal was completed. That deferred consideration was due on 15 March 2009 and has not been paid. Cantono also says that it did not receive extra payments relating to the completion accounts. No details were mentioned about what the dispute is about.
This is a significant amount of money for Cantono and the non-payment could hamper its data centre expansion plans.
Shares in Cantono fell 0.125p to 1.25p a share, valuing the company at 380,000. The share price had recovered after Cantono failed to get shareholder agreement to ditch its Aim quotation.
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