Water Intelligence said it has completed the final purchase of all remaining shares owned by certain former minority shareholders of American Leak Detection Holding Corp (ALD).
ALD is a wholly owned subsidiary of the company. The minority shareholders exercised their rights to sell 99,936 Consideration Shares to the Company at a price of 75 pence per Consideration Share.
The Consideration Shares will be held in treasury and used by the Company in lieu of performance-based bonuses in recognition of Water Intelligence's 2016 transactions, namely franchise reacquisitions of South New Jersey, Cincinnati, Northwest Arkansas and Sydney, the acquisition of NRW Utilities, bank refinancing and equity financing at a premium to the market price.
David Silverstone, a director of the Company, received 38,500 of such Ordinary Shares. Following this transaction, David Silverstone holds 38,500 Ordinary Shares in the Company, representing approximately 0.32% of the voting rights in the Company.
Robert Mitchell, a director of the Company, received 9,936 Ordinary Shares in the Company, representing approximately 0.08% of the voting rights in the Company.