News and Announcements
Bulletproof – Acquisition of Cloud House Complete
- Published February 15, 2016 5:22PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
15th February 2016, ASX Announcement
Bulletproof (ASX:BPF) is pleased to announce the completion of its acquisition of the business assets of Cloud House Limited, the leading Cloud Services company in New Zealand, with an initial payment to the vendors of NZ$1m made today.
Further Payments
In addition to the upfront payment of NZ$1m, the deal includes performance based hurdles to allow the owners to earn up to a further NZ$4.2m. Those performance-related payments are payable as a 50:50 mix of cash and scrip in the Company. Referring to the NZD:AUD exchange rate as determined by the Reserve Bank of Australia as at 12 February 2016, of 1.065 and the 30 day VWAP price in the Company’s shares of 49c, this equates to a potential issue of up to 4,062,337 shares in the Company to the vendors.
To read the full announcement, please click here.
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