FURTHER RE APPOINTMENT OF AUDITOR AND ACQUISITIONS (7062E)

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RNS Number : 7062E

Network Group Holdings PLC

11 April 2011

FURTHER RE APPOINTMENT OF AUDITOR AND ACQUISITIONS

Further to the announcement dated 21 March 2011 in which Network Group Holdings plc ("NGH" or the "Group") announced the appointment of Mazars LLP ("Mazars") as auditor to the Group, NGH is delighted to announce further details regarding this appointment. Mazars was recommended to the Group by Pertemps, with whom the Group has had a special relationship for a number of years. Pertemps has had a working relationship with Mazars for over twenty years.

We understand Mazars has recently recruited twenty new staff since expanding into Birmingham city centre. The Group feels that Mazars' increased resources will help facilitate the future expansion plans for the Group.

Below is a statement received from Baker Tilly UK Audit LLP following their removal as auditors at the General Meeting of NGH on 21 March 2011 solely in compliance with Section 423 of the Companies Act 2006.

The Group would also like to announce that it has agreed non-binding heads of terms with four potential acquisitions. Whilst individually each acquisition is relatively small relative to NGH as a whole they further demonstrate the Group's acquisition capabilities and its strategy of growth and incentivising management through the issue of equity.

BAKER TILLY UK AUDIT LLP STATEMENT

Dear Sirs

Statement to the directors of Network Group Holdings Plc (Company Number 06281278) - and its subsidiaries, on ceasing to hold office as auditors pursuant to section 519 of the Companies Act 2006.

In accordance with section 519 of the Companies Act 2006, we set out below the circumstances connected with our ceasing to hold office that we consider should be brought to the attention of the Company's members or creditors.

The audit of the Company for the year ended 30 November 2009 was concluded satisfactorily and we were re-appointed as auditors at the Annual General Meeting on 28 May 2010.

During the course of our subsequent audit of related entities managed and controlled by certain of the Company's directors, our relationship with certain directors became strained. This resulted in a request that we resign as auditors of the Company and, ultimately, to the convening of a general meeting to effect our dismissal. It is therefore clear that our relationship with the directors of the Company has broken down irretrievably.

Yours faithfully

Baker Tilly UK Audit LLP

For further information please contact:

 
 Network Group Holdings plc 
  Spencer Jones / Nigel Dudley 
  www.networkgroupholdings.co.uk    01676 525 000 
 Nominated Adviser 
  Arden Partners plc 
  Steve Douglas                     0121 423 8943

This information is provided by RNS

The company news service from the London Stock Exchange

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