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Creo Medical Group PLC - Chepstow, Wales-based medical device company - Confirms that it paid the first instalment of the €1.7 million earn-out payment for Albyn in cash. Adds that it also bought half of the remaining 10% of Albyn's missed share capital for €1.2 million.
Creo bought Albyn in July for an equity value of €24.8 million and up to €2.7 million of performance-related payments payable over two years. It acquired 90% of Albyn's issued share capital, with the remaining 10% to be acquired over the next two years for an amount calculated against performance targets.
Notes that the acquisition has increased its revenue year-on-year.
Current stock price: 120.50 pence
12-month change: down 46%
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