Vinyl Group Unit Achieves Earn-Out Target; Shares Hit Near Two-Year Low
MT Newswires Live
Jan 07
Vinyl Group's (ASX:VNL) Funkified Entertainment subsidiary exceeded its AU$500,000 earnings before interest and taxes earn-out threshold under acquisition terms, with 155% of the threshold achieved, according to a Wednesday filing with the Australian bourse.
The earn-out comprises AU$500,000 in company shares to be issued to the original Funkified shareholders, subject to a 12-month escrow period, the filing said.
Vinyl Group shares fell 5% in midday trade on Wednesday and earlier reached their lowest since March 2024.
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