Acquisition (0913H)
2011年5月23日 - 7:19PM
RNSを含む英国規制内ニュース (英語)
TIDMNGH
RNS Number : 0913H
Network Group Holdings PLC
23 May 2011
23 May 2011
Network Group Holdings plc
("NGH" or the "Company")
Acquisition of Procurement People Recruitment Limited
The Company is pleased to announce that it has completed its
fourth acquisition further to its announcement on 11 April, 2011.
Its subsidiary Network Recruitment Partnership Limited ("NRP") on
20 May 2011 acquired the entire issued share capital of Procurement
People Recruitment Limited ("PPR"), a recruitment business
specialising in the Interim and permanent placement of procurement
professionals. The total consideration is a maximum of GBP80,000,
comprising GBP20,000 in cash and GBP20,000 equity, being 94,787 NGH
shares issued at 21.1p, payable on completion and up to GBP40,000
of deferred consideration payable in cash based on the gross
profits of PPR for the year ended 31 December 2011. In addition the
Company has injected GBP119,226 towards the working capital
requirements of PPR. PPR has been acquired out of the existing cash
resources of the Company.
Unaudited financial statements of PPR for the year ended 31
December, 2010 show turnover of GBP1.1m and gross profit of
GBP221,000.
Immediately following completion the Managing Director of PPR
has subscribed for 24.9% of PPR and has entered into the standard
conversion documentation with the Company so that this equity could
be converted into the equity of NGH in the future. NRP holds the
remaining 75.1% of PPR.
PPR will be located at Network House in Birmingham where many of
NGH's other Midlands businesses are located. PPR also has offices
in Warwick and London.
The Company has agreed non-binding Heads of Terms with another
two companies
Commenting on the acquisitions, Tim Watts, Chief Executive
Officer of NGH, said
"Further to my comments that I made in the announcement on 05
May, 2011 this is yet another targeted acquisition, operating in a
market that complements the existing NGH operations and has a
presence in a sector that NGH has identified as offering exciting
opportunities. I am delighted to welcome the management and
employees of PPR to NGH and using our platform we will be focussed
on supporting the business to grow."
For further information please contact:
Network Group Holdings plc
Spencer Jones
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
END
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