XP Factory plc, one of the UK's pre-eminent experiential leisure businesses, announces the issue of ordinary shares in relation to the deferred earn-out consideration for the acquisition of Boom Battle Bars, as described in the Company’s announcement on 3 November 2021 (the “Acquisition Announcement”). On 3 November 2021, the Company announced the proposed acquisition of Boom Battle Bars from MFT Capital Ltd for a total consideration of £17.38 million, consisting of an initial cash consideration of £9.88 million and deferred consideration to be satisfied through the issue of up to 25,000,000 Consideration Shares payable subject to an earn-out based on the performance of Boom Battle Bars in the financial year ending 31 December 2022 meeting a combination of turnover and site roll-out targets. The number of Consideration Shares to be issued is subject to a sliding scale based on the extent to which the targets are met. Further details in relation to these targets are set out in the Acquisition Announcement.
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