The payment to the founders of The E-Learning Company will be made in two stages, per Decision no. 6 of the Extraordinary General Meeting of Shareholders of Bittnet of November 2020, through a mix of cash and BNET shares. A first tranche of RON850,000 will be partly paid in cash, respectively RON450,000, and the remainder will be offset by the issue of BNET shares and their allocation on the right of ELC founders.
The second tranche will be calculated in early 2022, by subtracting the first tranche from the price of the transaction. The exact price and the allocation between cash and compensation via BNET shares will be made depending on achieving some profitability indicators targeted by ELC in 2021.
Upon Bittnet Systems’ joining the shareholding structure of The E-Learning Company SA, the parties also signed a lending contract whereby the issuer put at the disposal of The E-Learning Company the amount of RON240,000 to finance the working capital for a maximum period of three years and an interest rate of 10% per year.
The E-Learning Company has a portfolio of diverse solutions and products structured on several directions covering fields such as personal and professional development, communications, sales and negotiation, marketing, human resources, project management, Microsoft Office, finance, English language.
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