Character Nordic Limited, a newly formed subsidiary of The Character Group plc (AIM:CCT) acquired 55% stake in OVG-Proxy ApS from Kidz A/S and Wamami Holding ApS for DKK 27.5 million on October 17, 2018. The consideration comprises an initial cash consideration of DKK 2.5 million with further earnout consideration of approximately DKK 25 million payable depending on performance, in each of the years ending December 31, 2018, 2019 and 2020. Subject to the additional facility being secured on or before March 31, 2019, the earnout consideration for the year ending December 31, 2018 will be subject to a cap of DKK 15 million. In addition, the overall consideration is subject to a cap of DKK 27.5 million. Following completion of the transaction, OVG-Proxy ApS is now owned 35% by Kidz A/S, 10% by Wamami Holding ApS and 55% by Character Nordic Limited. On December 31, 2017, OVG-Proxy ApS reported a total revenue of DKK 150.5 million, EBIT of DKK -9.5 million and total common equity of DKK -3.8 million. Baker Tilly International Limited provided financial due diligence to Character. Character Nordic Limited, a newly formed subsidiary of The Character Group plc (AIM:CCT) completed the acquisition of 55% stake in OVG-Proxy ApS from Kidz A/S and Wamami Holding ApS on October 17, 2018. As of July 2, 2019 The Character Group plc (AIM:CCT) issued 150,000 ordinary shares of 5 pence each in Character Group and payment in cash DKK 3.9 million to Kidz A/S and Wamami Holding ApS as earnout consideration payable for December 31, 2018.