nmcn plc (LSE:NMCN) entered a sale and purchase agreement to acquire Lintott Control Systems Limited for £4.7 million on October 4, 2019. Initial consideration of £1 in cash is to be paid on completion, while earn out payment is structured in the following way: achievement of profit targets (based on aggregate consolidated profit before tax (PBT) for LET and LCS for their financial years ending 31 December 2019, 2020 and 2021): for an aggregate PBT amount of less than £1 million achieved, the earn out consideration will be zero, for an aggregate PBT amount between £1 million and less than £3 million, the earn out consideration will be actual PBT amount achieved, for an aggregate PBT amount of £3 million or more, the earn out consideration will be capped at £3 million, preference share payment to the former holders of redeemable preference shares; LCS totalling £0.85 million, for the payment of the preference shares: payable on the latter of 1 January 2022 or five business days after the Buyer Loan has been repaid in full. A Buyer Loan of circa £0.98 million is being advanced on completion of the Acquisition - the use of these loans will be used by LET and LCS to repay certain debts due to CEMA Limited (a former shareholder in LCS) and to contribute towards the cost of redeeming £0.32 million preference shares in LCS held by The Park Portfolio Ltd and Monkwell Ltd Pension Scheme. All consideration is to be satisfied in cash. The maximum consideration payable is up to £3.8 million. A payment of up to £0.68 million shall be subject to and contingent on payment of unpaid invoices issued by LCS to certain third parties. The buyer loan is to be repaid in full before payment of any earn-out is made. For the year ended 31 December 2018, LCS achieved a turnover of £8,536,965 and a loss before tax of £998,140. David Owen and Jamie Thums will remain Directors of both acquired businesses, with Mark Davy assuming the role of Operational Lead for LCS. nmcn plc (LSE:NMCN) completed the acquisition of Lintott Control Systems Limited on October 4, 2019.