News and Announcements
Crowd Mobile Update on Track Earn-Out Payments and Debt Restructure
- Published January 28, 2016 12:01PM UTC
- Publisher Wholesale Investor
- Categories Company Updates
28th January 2016, ASX Announcement
Crowd Mobile Limited (ASX: CM8 & FWB-XETRA: CM3) is pleased to provide an update in relation to earn-out payments due pursuant to the Track Concepts’ (“Track”) acquisition and a restructure of existing debt arrangements.
Track earn-out payout
As part of the consideration for the Track acquisition, Crowd Mobile agreed to an earn-out payment to the Track vendors based on the financial performance for the 2015 calendar year. The earn-out has been agreed at €4.5 million (c$7.0 million AUD), reflecting performance at the upper end by Track for the 2015 calendar year. The payment terms for the earn-out are as follows:
- €2.0 million (c$3.1 million AUD) in January 2016
- €2.5 million (c$3.9 million AUD) in June 2016
The January 2016 earn out payment will be funded from existing operating cash flows.
Commenting on the Track earn out payment, Crowd Mobile CEO Mr Domenic Carosa said:
“The earn-out payment agreed is at the top end of the capped earn-out which is reflective of Track profit performance. This is a very positive outcome for Crowd Mobile and provides strong profitability and cash flow momentum for 2016.”
To read the full announcement, please click here.
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