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AMENDMENT AGREEMENT BETWEEN WINK BINGO AND 888
18th March, 2011 at 07:59:34
Earn Out Payment rescheduled
Online gaming firm, 888 Holdings has entered into an amendment agreement with Wink Bingo vendors to reschedule the earn out payment - payable in May 2011.
The earn out payment is expected to be at the top end of the range with Wink Bingo having performed significantly higher than expected since its acquisition in December 2009.
Under the revised payment terms 888 will make an immediate payment of £ 9.26 million and further payments of £ 9.26 million on 21 May 2011 and £ 6.173 million on 31 August 2011. The balance will be 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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