New supplier agreement with RWS Holdings plc

RNS Number : 5029R

Learning Technologies Group PLC

12 December 2016

 

12 December 2016

Learning Technologies Group plc

("LTG" or the "Company")

(AIM: LTG)

Related party transaction:

New supplier agreement with RWS Holdings plc

As set out in the Admission Document at the time of LTG's re-admission to AIM in November 2013, LTG historically purchased translation services from RWS Holdings plc ("RWS") and has continued to do so, since that time, on arms length commercial terms.

As also set out in the Admission Document, Andrew Brode, Non-executive Chairman of LTG, is also Chairman of and a substantial shareholder in RWS and, therefore, such arrangements represent a related party transaction. In addition, Andrew Brode and Jonathan Satchell, Chief Executive, comprise a concert party by virtue of their shareholdings in LTG. Jonathan Satchell and Andrew Brode together hold 51.86% of the Company's issued share capital. The other directors of LTG (the "Independent Directors") are outside of this concert party.

In accordance with good corporate governance, supplier arrangements are reviewed from time to time. As part of this process, the Independent Directors have undertaken a review of the supply of translation services and has asked four leading translation providers, including RWS, to tender for this work.  Following the review, RWS has been selected to continue providing translation services under a new three year contract.

The Independent Directors consider, having consulted the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as LTG's shareholders are concerned, in accordance with AIM Rule 13.

Enquiries:

Learning Technologies Group plc Jonathan Satchell, Chief Executive Neil Elton, Group Finance Director	[phone]
Numis Securities Limited Stuart Skinner / Michael Wharton (Nominated Adviser) Ben Stoop (Corporate Broker)	[phone]
Hudson Sandler Limited Cat Valentine / Bertie Berger	[phone]

 

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