StockMarketWire.com - Replacement door and window supplier Safestyle UK said it had reached a non-compete agreement with founder Mitu Misra, who was a party to the company's dispute with Niamac Developments.

Niamac, which traded as SafeGlaze UK, was currently in the process of re-branding following a legal settlement with Safestyle.

The agreement would involve a five-year non-compete pact and the provision of services by Misra in support of the continued recovery of Safestyle.

In exchange, Safestyle had agreed to pay Misra 4m shares and £2.0m cash, subject to the achievement of performance hurdles.

The cash and share payments would only be made in the fourth quarter of 2020, contingent on Misra meeting performance conditions and Safestyle's trading performance in 2019 being above existing market expectations.

'The three phase turnaround plan that was outlined in our interim results is underway and is already helping to stabilise the group before returning it to profitability and then accelerating growth,; chief executive Mike Gallacher said.

'The focus of the whole group remains on delivering this plan quickly and effectively.'



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