Anite Group PLC
27 June 2001
27 June 2001
Anite Group plc
('Anite')
Anite sells the majority of its Anite I.T. personnel business for £8.287
million
Anite, the European IT consultancy and services company, is pleased to
announce that it has, through two wholly-owned subsidiaries, entered into an
agreement to sell for £8.287 million ('Consideration') 80.1% of the issued
share capital of each of Anite I.T. Personnel Limited and Anite ITP Limited
('Companies'), both of which specialise in the supply of permanent and
temporary I.T personnel, to Cobco (372) Limited, a special purpose vehicle of
a management buy-in team ('Buyer').
Of the Consideration, the sum of £6.287 million is to be paid to Anite in cash
on completion and a sum of £2 million is to be paid to Anite over 60 monthly
instalments ('Deferred Payments') commencing between one and three years after
completion.
In addition, Anite is entitled to receive a further sum in cash on a sale or
listing ('Exit') of either or both of the Companies (or their holding company,
as the case may be) as follows:
1. in respect of an Exit within 3 years of completion, the sum of £2 million;
2. in respect of an Exit within 3 to 5 years of completion, the sum of
£3million;
3. in respect of an Exit after 5 years of completion, the sum of £4 million;
in each case plus a sum equal to any missed Deferred Payments.
As at 30 April 2000 the value of the tangible net assets the subject of the
transaction was £6.038 million and the profit attributable to those net assets
was £458,000 before goodwill and tax.
Anite will effect the disposal through its wholly-owned subsidiary, Anite
Systems Holdings Limited, and Jemscout Limited, a company limited by guarantee
of which Anite is the guarantor.
The disposal marks the final stage in Anite Group's programme of disposing of
its non-core businesses and property assets which (including the disposal
detailed above) have raised £81.7 million in total over the last 4 years,
allowing Anite to continue its strategy of focusing on IT consultancy and
services. The sale proceeds of the current transaction will be applied in
implementing this strategy and towards Anite's working capital requirements.
John Hawkins, Chief Executive of Anite Group Plc, commenting on the disposal,
said:
'Today's announcement marks the final stage of our strategy of disposing of
non-core businesses to focus on IT consultancy and services.'
'We will continue to build on this progress by further organic growth and
investment in the core businesses together with selective acquisitions.'
'I look forward to reporting on another strong year of trading on 4 July.'
For further information please contact:
Anite Group Plc 0118 945 0121
John Hawkins, Chief Executive
Golin/Harris Ludgate 020 7324 8888
Reg Hoare / Laurence Read
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