Paysafe pays $3.32m in lieu of share rights

Paysafe Group announced on Friday that it had paid a total of $3.32m in cash to certain of the vendors of FANS Entertainment, 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 AIM-traded company said the earn-out shares would have been exchangeable, on a one-for-one basis, for ordinary shares of Paysafe of 0.01p per share if certain financial performance criteria had been achieved over three years.

On 28 May 2015, Paysafe announced the acquisition of FANS for consideration of CAD 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,” the board said in its statement.

“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.”