Completion of acquisition of Oaks Consultancy Ltd

Further to the announcement of 11 June 2019, Aquila, a company formed to acquire and operate growing businesses operating in the affordable housing services sector, is pleased to announce the payment of the balance of the Initial Price as contemplated under the share purchase agreement (the “SPA”) of £942,667 (the “Further Payment”).

A payment in cash of £202,012 has already been made to the Sellers on account of the Initial Price and the Further Payment, satisfied by both cash and the issue of new ordinary shares (the “Consideration Shares”), was determined by Oaks’ financial performance to the year ended 31 March 2019 and subject to a Completion Account mechanism (“Completion”).

The Further Payment comprises £212,419 in cash, and the issue of 2,544,415 Consideration Shares at £0.287 per share, being a sum equal to the average of the closing middle market price of an ordinary share of 5p each (“Ordinary Share”) for each of the five Business Days immediately preceding Completion. 

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