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Vislink Plc (LON:VLK) has modified the terms of the agreement to sell the assets of Vislink Communication Systems (VCS). The total consideration payable remains $16m. This will now be split into an initial cash consideration of $6.5m and $9.5m deferred consideration payable in secured loan notes, which must be redeemed within 45 days of the disposal completing. Shareholder approval of the modified terms is required before the disposal can complete. We leave our estimates, which assume that VCS remains within the group, unchanged and will review them on completion.
For the nine months ended September 2016 VCS revenues dropped by 20% y-o-y because of problems specific to that division. These issues took the division and the group into the red and are expected to result in the group generating a loss for FY16. By contrast, the software division (PBS) delivered 16% revenue growth to £8.3m during the same period.
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