Offer for Promotional Marketing Division

RNS Number : 2944G

Altitude Group PLC

10 May 2011

 

10 May 2011

AIM: ALT

Altitude Group plc

("Altitude" or the "Group")

Indicative Offer for Promotional Marketing Division

The board of Altitude announces that it has received a preliminary indicative offer for its Promotional Marketing Division.

The Promotional Marketing Division consists of the businesses that are involved in the purchase and supply of Promotional Products, and accounted for approximately 75% of the Group's revenues in the year ended 31 December 2010, and approximately 74% of the Group's employees. The Board will review the offer in detail while also considering earlier stage expressions of interest in the Division by other parties.  The disposal of the Promotional Products Division would constitute a fundamental change of business under Rule 15 of the AIM Rules and would therefore be conditional on shareholder approval.

A further announcement will be made in due course.

Colin Cooke, Chairman, commented:

"A sale of the Promotional Marketing Division would be in line with our strategy to transform the Group into a focused Information and Technology business under the Trade Only brand. The Promotional Marketing businesses have shown great improvement in the past three years and the management team has done an excellent job to return them to growth and profitability."

Contact:

Altitude Group plc

Colin Cooke (Chairman)	Tel:+ 44 (0) 870 224 6677
Martin Varley (Chief Executive)	UK Tel:  + 44 (0) 7912 599 012
	US Tel:  [phone]
Merchant Securities
Lindsay Mair/Simon Clements	Tel: [phone]

Notes:

Altitude Group plc has two distinct but related businesses. The Promotional Marketing division is one of the UK's leading suppliers and distributors of promotional merchandise to corporate and trade customers.

The Information and Technology division (Trade Only) provides a range of Cloud-based Ecommerce, Enterprise Resource Planning, Customer Relationship Management and web-based solutions to both suppliers and distributors operating in the promotional merchandise industry.  Trade Only also provides information services to the industry including product data flow between suppliers and independent distributors, and the UK's largest trade show for promotional merchandise industry.

 

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