MapsPeople acquisition consideration of Point Consulting Pte. Ltd. announced in CA. 21-2024 changes as five (5) new agreements increase the ARR to mDKK 2.4

MapsPeople A/S  - Inside Information

Company Announcement No. 24-2024 

Aalborg, November 13, 2024

With reference to Company Announcement No. 21 - 2024 it was previously announced that the consideration for the acquired contracts and assets amounted to mDKK 5.3, and including a cash earn-out of up to mDKK 1.8 and a share based earn-out corresponding to a value of mDKK 1.0, the aggregated maximum consideration amounted to mDKK 8.1. However, between Signing Date to Closing Date Point Consulting Pte Ltd has been able to secure five (5) new agreements increasing the ARR from mDKK 2.1 to mDKK 2.4 including two additional airports. As per the Asset Purchase Agreement signed on 23 October 2024 between the parties, MapsPeople will take over these new contracts on the same terms as the other contracts. The transaction therefore increases and is as follows:

The consideration for the acquired contracts and assets now amounts to mDKK 6.1 (corresponding to a multiple of 2.5 times ARR) which will be paid in 80% cash (mDKK 4.9) and 20% shares by issuing new shares in MapsPeople corresponding a value of mDKK 1.2. The number of new shares will be determined by the average share price of the 5 days prior to closing, which is 1.43. In addition, Point Consulting will be entitled to a cash earn-out of up to mDKK 2.1 and a share based earn-out corresponding to a value of mDKK 1.1. The number of new shares will be determined by the average share price of the 5 days prior to closing, which is 1.43. The aggregated maximum consideration now amounts to mDKK 9.3 corresponding to a multiple of 3.8 times ARR. 

For additional information, please contact

MapsPeople A/S

Morten Brøgger, CEO 

Mobile (+45) 31 23 48 72 

Email [email protected]  

Stigsborgvej 60, 9400 Nørresundby 

Denmark

Certified Advisor

Grant Thornton

Jesper Vestergaard 

Mobile (+45) 31 79 90 00

Stockholmsgade 45 2100 Copenhagen Ø

Denmark

IMPORTANT INFORMATION

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by MapsPeople in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions, including but not limited to, the United States, Australia, Canada or Japan.

This announcement does not constitute an offering circular, company description or other offer document and nothing herein contains an offering of securities. No one should purchase or subscribe for any securities in MapsPeople except as described in this company announcement.

Neither the existing shares of MapsPeople (the "Existing Shares") nor the New Shares have been, or will be, registered under the United States Securities Act of 1933, as amended ("Securities Act"). Neither the Existing Shares nor the New Shares may be offered or sold, directly or indirectly, in or into the United States or to persons residing there. Moreover, the Private Placement is not made to persons resident in Australia, Hong Kong, Japan, Canada, New Zealand, South Africa, Switzerland, or Singapore or to persons whose participation would require the publication of a prospectus, registration or other measures.

Certain statements in this announcement constitute forward-looking statements. Forward-looking statements are statements (other than statements of historical fact) relating to future events and the Company's anticipated or planned financial and operational performance. The words "targets", "believes", "expects", "aims", "intends", "plans", "seeks", "will", "may", "might", "anticipates", "would", "could", "should", "continues", "estimates" or similar expressions or the negative forms thereof, identify certain of these forward-looking statements. Other forward-looking statements can be identified in the context in which the statements are made. MapsPeople has based these forward-looking statements on its current views with respect to future events and financial performance. By their nature, forward-looking statements are based on certain assumptions and projections on future events and financial performance, which involve a number of risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties and assumptions could adversely affect the outcome and financial consequences of the plans and events described herein. Actual results are likely to differ from those set forth in the forward-looking statements. Any forward-looking statements speak only as at the date of this document and neither the Company nor any of its respective affiliates, directors, officers, employees, advisors, or any other person is under any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. You should not and may not rely on these forward-looking statements.

 

Source: MapsPeople

Tag: MapsPeople-Company-Announcements