Air conditioning installer Worthington Nicholls has paid additional consideration for Euro Property Services in shares and loan notes.
Half of the £1.35m deferred payment is in shares and the rest in loan notes. This shows that EPS continues to perform strongly and will help preserve the cash pile. It was recently reported that Worthington had cash in the bank of £10.8m. There is no indication of when the loan notes can be redeemed.
London-based EPS is an air conditioning installer and designer acquired at the beginning of May 2007. It made profits of £1.14m on sales of £3.18m in the year to December 2006. Worthington paid an initial £2.85m in cash and shares. At the time Worthington said that there would be deferred consideration based on profit performance in the financial years to 2007 and 2008. As this first tranche of deferred consideration has been paid that must mean Worthington’s financial year to September.
Worthington is still to set a date for the EGM requisitioned by rebel shareholders.
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