Of total consideration $2.55 million is payable in cash and US$3.9 million to be satisfied through the issue of new ordinary shares by HeiQ.
Additional earn-out consideration of up to US$2.8 million may be payable equally in cash and through the issue of new ordinary shares in 2022 based on LIFE’s financial performance during 2021.
The number of new ordinary to be issued by HeiQ to satisfy the Share Consideration shall be calculated using the intraday volume-weighted average price (VWAP) of HeiQ shares on the London Stock Exchange in the last five trading days preceding the closing of the Acquisition, which is expected to take place on or around 30th June 2021.
Acquisition is made in line with HeiQ’s strategy to increase its presence in the bio-based antimicrobial & healthcare surface hygiene market, and to further diversify and innovate its product range and capabilities with a view to becoming a global leader in materials innovation.
LIFE is a materials technology company that has developed a strong portfolio of smart ingredients and formulations with applications in numerous industries.
This includes the development and distribution of bio-based antimicrobial additives and treatments used by manufacturers of plastics, coatings, textiles, ceramics and paper, that inhibit or manage bacteria, fungi, algae, and other micro-organisms that come in contact with treated materials. LIFE has the broadest technology platform in the industry, using inorganic, organic and bio-based botanical active substances.
HeiQ is already an established global leader in the US$10 billion antimicrobial fabrics market and the $24 billion textile chemicals market.
This Acquisition builds on HeiQ’s recent acquisition of Chrisal and RAS Materials as well as its partnerships with Girbau, ICP Industrial Inc.,Berger Paints India Ltd and Woellner, which will see HeiQ technology applied to additional materials beyond textiles.
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