Disposal
2003年7月1日 - 4:02PM
RNSを含む英国規制内ニュース (英語)
RNS Number:9898M
DCS Group PLC
01 July 2003
DCS Group plc ("DCS Group")
Disposal of DCS eIntegration Limited ("DCS eI") (the "Disposal")
Further to the announcement made on 14 May 2003, which stated that DCS Group
intends to implement appropriate actions to reduce the level of its borrowings,
the Board is pleased to announce that DCS Group has disposed of DCS eI to
Computer Systems Integration Limited ("CSIL"), a company set up by the current
management of DCS eI.
DCS eI designs, develops and implements integrated IT solutions for its
customers in the supply chain and service sectors.
DCS Group will receive aggregate consideration for DCS eI as follows:
(i) Net consideration of #1.25 million, with #0.5 million to
be paid immediately and the remaining #0.75 million in instalments over the
period ending 30 September 2004;
(ii) CSIL redeemable preference shares with a subscription value
of #2.25 million. These preference shares will be redeemed at par by CSIL at a
rate conditional upon the level of DCS eI earnings before interest, tax,
depreciation and amortisation, for each full year starting from the year ending
31 December 2004, or on any sale of CSIL. In the interests of prudence, the
Board of DCS Group will not ascribe a carrying value to these preference shares
in the DCS Group balance sheet going forward until there is evidence that they
will be redeemed; and
(iii) CSIL ordinary shares with a subscription value of #1,990,
representing 19.9% of the ordinary share capital of CSIL. These shares will rank
pari passu in all respects to all other CSIL ordinary shares with voting rights.
The management team of CSIL have been granted a call option to acquire these
shares at an agreed fair market value subject to a minimum price of #995,000
(assuming DCS Group's equity shareholding in CSIL remains at 19.9%). This call
option may not be exercised until three years post completion of the Disposal.
As at 31 December 2002, DCS eI had net liabilities of approximately #1.9 million
and generated a profit before tax for the 12 months to 31 December 2002 of #0.2
million. For the five month period to 31 May 2003, DCS eI generated a loss
before taxation.
Andy Forsyth, who is a director of DCS Group and DCS eI, is also Chairman and a
shareholder of CSIL and consequently the disposal of DCS eI is a related party
transaction under the AIM Rules. In accordance with their obligations, the
directors of DCS Group, excluding Andy Forsyth, consider, having consulted with
the DCS Group's Nominated Adviser, Close Brothers Corporate Finance Limited ("
Close Brothers"), that the terms of the disposal are fair and reasonable insofar
as the shareholders of DCS Group are concerned. In giving its advice to the
Directors, Close Brothers has taken into account the Directors' commercial
assessments of the Disposal.
Following the completion of this transaction, DCS Group will be well placed to
continue its strategy of delivering consistently high quality, leading edge,
total solutions in its core vertical markets. DCS Group intends to continue the
implementation of appropriate actions to reduce the level of its borrowings.
This may include making further selective disposals if appropriate.
Enquiries:
DCS Group plc Tel: +44 (0)20 7920 6285
Stephen Yapp, Chief Executive
Colin Campbell, Finance Director
Close Brothers Corporate Finance Limited Tel: +44 (0)20 7655 3100
Mark Napier, Managing Director
Close Brothers Corporate Finance Limited, which is regulated in the United
Kingdom by The Financial Services Authority, is acting for DCS Group plc and no
one else in relation to the matters described in this announcement and will not
be responsible to anyone other than DCS Group plc for providing the protections
offered to customers of Close Brothers Corporate Finance Limited, or for
providing advice in relation to the contents of this announcement or any
transaction or arrangement referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
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