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Grafenia PLC - Manchester-based printing and software company - Says it has not received payment of a deferred consideration for a disposal that took place last year. Last May, the firm sold its wholly-owned subsidiary Works Manchester Ltd and some of the business and assets of its wholly-owned subsidiary Grafenia Operations Ltd for £3.2 million to Rymack Sign Solutions Ltd, which trades as PFI Group. As part of the sale, four instalments of £766,250 were due on the first, second, third and fourth anniversaries of completion. The amount for the first instalment has since been adjusted down to £514,223.
‘PFI has yet to make payment of the adjusted instalment which was due on 31 May 2023 and the company is in discussions with PFI to resolve the matter. A further update will be provided in due course,’ it says.
The disposal was part of the company’s transition to a software licensing business.
Current stock price: 9.75 pence, down 7.1% on Thursday in London
12-month change: up 79%
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