Issue of Equity & Director's Shareholding

RNS Number : 9497G

Impellam Group plc

09 March 2015

 



IMPELLAM GROUP PLC

("Impellam", the "Group" or the "Company")

Issue of Equity & Director's Shareholding

Further to the acquisition of Lorien Limited ("Lorien") in November 2014, Impellam announces that it has today issued a total of 409,818 ordinary shares of 1p each to the vendors of Lorien at a price of £6.21 per share ("Consideration Shares"). These shares have been issued to part satisfy deferred consideration now payable of £5.09 million, in accordance with the terms of the earn-out. The issue price has been calculated based on the Company's average mid-market closing price over the 20 business day period ended 6 March 2015.The remaining consideration of £2.55 million is to be paid to the vendors in cash by 19 March 2015. As previously announced, a further deferred consideration of up to £13.9 million may be payable in early 2016, subject to earn-out targets being achieved.

An application has been made for the Consideration Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will occur on 13 March 2015. Following Admission, the Company's issued share capital will consist of 49,221,359 ordinary shares.

As part of the deferred consideration payment, Derek O'Neill, non-Executive director of Impellam and major shareholder and director of Lorien, and his wife, have been issued 148,968 Consideration Shares and will receive a cash payment of £0.93 million. Following the issue of Consideration Shares, Mr O'Neill's beneficial interest in Impellam, including his wife's interest, is 746,089 ordinary shares representing approximately 1.5 per cent of the Company's enlarged share capital.

Enquiries:  For further information please contact the appropriate individual below.

Impellam Group plc
Julia Robertson, Chief Executive	Tel: [phone]
Darren Mee, Group Finance Director	Tel: [phone]
Cenkos Securities plc (Nominated Advisor and Broker to Impellam)
Nicholas Wells	Tel: [phone]

Impellam Group plc, traded on the AIM (Symbol: IPEL) is a leading provider of managed services and specialist staffing expertise and is primarily based in the UK and North America, with smaller operations in Australasia, Ireland and mainland Europe. Impellam Group plc provides fulfilling jobs to doctors, lawyers, accountants, nurses, teachers, scientists, receptionists, drivers, chefs, administrators, engineers, technology specialists, cleaners, security guards, and manufacturing and warehouse operatives through 18 specialist businesses across a broad range of sectors. Impellam Group plc manage them as teams or individually and help clients build better businesses in a changing world. Impellam Group plc is the 2nd largest recruitment business in the UK, 12th worldwide with over 2,500 Impellam people across over 234 locations worldwide.

 

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