Dubber announcement 26-11-21Speik was acquired by Dubber through...

Dubber announcement 26-11-21
Speik was acquired by Dubber through the purchase of UK company, Aeriandi Ltd, as announced to
the ASX in December 2020. Under the acquisition agreement, the earn-out component of the
consideration was scheduled to be paid in mid-2022 subject to achievement of an agreed EBITDA
target and determined as multiples of specified revenue streams across the Speik business.

Based on initial Speik management forecasts, the earn out consideration was estimated at £10.3 million
(A$19.1 million at the present-day GBP/AUD exchange rate), with the cash component of the earn-out
capped at £8.8 million and the share component, which represents approx. 23% of the aggregate
earn-out payment, uncapped.

Based on current and projected forward performance, Speik will achieve anticipated earn out targets
in full and consequently the parties have agreed to bring forward the earn out payment to facilitate
enhanced integration of the Speik operations into Dubber, and redirect Speik management focus and
resources from achieving earn out goals to Dubber group-wide objectives.

The accelerated earn out payment has been agreed at approx. £9.6 million (A$17.8 million), with £1.15
million (A$2.13 million) to be paid in cash and the balance by way of the issue of 4,700,571 Dubber
shares at an issue price of $3.33 (being the 30-day VWAP of Dubber shares on ASX up to 19 November
2021). The accelerated payment represents a discount of approx. 7% on the original consideration.
Completion of the earn out payment and Dubber share issue is expected to occur within seven days.