Benchmark, the aquaculture health, advanced nutrition, and genetics business, announces that it has agreed to acquire the entire issued share capital of Videntis AS (“Videntis”), a provider of data technology to aquaculture and agriculture producers for an initial consideration of £150,000 and a total consideration of up to £300,000.
Videntis' technology enables producers to have real-time data and feedback on feed efficiency, welfare and product quality, supporting Benchmark's strategy of bringing together technology and biology to improve yield, quality and profitability for its customers.
Malcolm Pye, Chief Executive of Benchmark said:
“We have worked with Videntis for a number of years. Videntis' IP and expertise support our strategy of combining biology and technology to benefit our customers. Data technology is an increasingly important tool to maximise yield and to manage biological challenges. Combined with Benchmark's products it allows us to offer an integrated solution to our clients”.
Terms of the acquisition
The initial consideration of £150,000 is to be satisfied by the issue of 246,700 ordinary shares to Videntis AS. These shares will be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares of 0.1 pence each in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such ordinary shares after the date of issue. Application has been made for these shares to be admitted to trading on AIM. It is expected that admission will become effective at 8.00 a.m. on 8 October 2018. Following the issue of these shares, the Company will have a total of 557,447,491 ordinary shares of 0.1 pence each with one voting right per share in issue, being the figure that may be used by shareholders as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change to their interest in, the Company following admission. Further consideration of up to £150,000 in Benchmark shares will be payable, pursuant to an earn-out over the period from completion to 30 September 2020 if certain net profit targets are met.
About Videntis
Based in Norway, Videntis was founded in 2013 and has collaborated with Benchmark on the development of management systems for its fish veterinary laboratories and of “i-wise”, a new health portal which allows vets, fish health companies and producers to visualise and interpret information on production and health across their sites. The portal is currently operational in Norway and Scotland, and will be operational in Chile in 2019.