Rescheduling of earn out payment
This week, online gaming firm 888 Holdings and Wink Bingo vendors closed an amendment agreement, referring to rescheduling of the earn out payment payable in May 2011.
This is due to the fact that the estimates regarding the earn out payment are extremely positive – it is forecasted that it will be at the top end of the range because Wink Bingo has showed much better action than expected since its acquisition in December 2009.
It has been specified in the amending agreement that 888 will make an immediate payment of GBP 9.26 million and further payments of GBP 9.26 million on 21 May 2011 and GBP 6.173 million on 31 August 2011, with the balance being payable on 21 May 2012. Payments due after 21 May 2011 will bear interest and 888 may pre-pay outstanding amounts without penalty.
This week, online gaming firm 888 Holdings and Wink Bingo vendors closed an amendment agreement, referring to rescheduling of the earn out payment payable in May 2011.
This is due to the fact that the estimates regarding the earn out payment are extremely positive – it is forecasted that it will be at the top end of the range because Wink Bingo has showed much better action than expected since its acquisition in December 2009.
It has been specified in the amending agreement that 888 will make an immediate payment of GBP 9.26 million and further payments of GBP 9.26 million on 21 May 2011 and GBP 6.173 million on 31 August 2011, with the balance being payable on 21 May 2012. Payments due after 21 May 2011 will bear interest and 888 may pre-pay outstanding amounts without penalty.
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