Hays PLC
25 March 2002
25 March 2002
DISPOSAL OF CLINICAL SUPPORT SERVICES
Hays plc today announces the conditional disposal of its non-core Clinical
Support Services activities to Synergy Healthcare plc for a cash consideration
of up to £11.5 million.
Hays Clinical Support Services is an operating division of Hays Commercial
Services Limited providing instrument decontamination and sterilisation
services to the National Health Service and to private hospitals.
Final completion of the disposal is conditional upon the admission of new
shares being placed by Synergy Healthcare plc for trading on AIM. Irrevocable
acceptances representing 53% of the existing issued ordinary shares of Synergy
Healthcare plc have been obtained.
£1.5 million of the consideration due at Completion will be held in an escrow
account with a view to being released following the outcome of identified
future customer and business developments. The transaction will result in a
small gain on disposal.
In the financial year ended 30 June 2001 Hays Clinical Support Services had
an operating profit of £0.6 million on sales of £11.3 million.
Commenting on the transaction, Bob Lawson, Chairman of Hays plc said:
'The sale of this non-core business will continue our focus on core
activities. We wish the staff of Hays Clinical every success in the future
as a part of Synergy Healthcare.'
- Ends -
For further information, please contact:
Jon Coles Brunswick 020 7404 5959
This information is provided by RNS
The company news service from the London Stock Exchange
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