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Paysafe notes payment of contingent consideration

07 July 2017 07:48

Paysafe Group has paid a total of $3.3m cash to certain of the vendors of FANS Entertainment Inc. (FANS), the Montreal-based mobile platform developer, in return for those vendors giving up their rights to be issued 790,908 shares in a subsidiary of Paysafe.

The Earn-out Shares would have been exchangeable, on a one-for-one basis, for ordinary shares of Paysafe of 0.01 pence per share ("Ordinary Shares") if certain financial performance criteria had been achieved over three years.

On 28 May 2015, Paysafe announced the acquisition of FANS for consideration of C$16m payable to the vendors by issuing shares in a subsidiary of Paysafe, to be exchanged on a one-for-one basis, for Ordinary Shares over three years.

The total number of Consideration Shares was 3,163,633, of which 790,908 (being the Earn-out Shares) were subject to the satisfaction of certain financial performance criteria.

Prior to this announcement, 980,758 Consideration Shares had yet to be exchanged. Following this cash payment, the total number of Consideration Shares which have yet to be exchanged on a one-for-one basis into Ordinary Shares is 189,850.

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