Prime People PLC
05 August 2004
5 August 2004
Prime People plc
Disposal of Portfolio International Limited
Prime People plc ('the Company'), the AIM quoted recruitment company announces
the sale of its trading subsidiary, Portfolio International Limited (
'Portfolio') to PSD Group plc ('PSD') for a cash consideration of £1.95m,
payable upon completion. Initially, these funds will be placed on deposit.
Portfolio is one of the leading recruitment companies specialising in the
hospitality and leisure sectors both in the UK and internationally. In the year
ended 31 December 2003, Portfolio incurred a loss of £457,000 on turnover or
£2.35m. As at 31 December 2003 Portfolio had net assets of approximately
£500,027.
PSD currently owns 29.5% of the issued ordinary share capital of the Company.
The directors of the Company, other than Mr. Hearn who is also a director of
PSD, consider, having consulted with its Nominated Adviser, W.H. Ireland
Limited, that the terms of the transaction are fair and reasonable insofar as
its shareholders are concerned. In providing advice to the Board of the
Company, W.H. Ireland Limited has taken into account the commercial assessments
of the directors (other than Mr. Hearn).
Following the transaction the sole trading company of the group will be Harper
Craven Limited, its sales training subsidiary. In addition, the Company will
retain its 45 per cent. investment in Cameron Kennedy Limited, the financial
services recruitment company and it will also have net cash of £2.9m,
representing 7.9p per share.
The Board of the Company continues to look for suitable acquisition
opportunities to broaden its commercial base.
For further information, please contact:-
Chris Heayberd
Finance Director
Prime People plc Tel: 020 7520 5000
David Youngman
Deputy Chief Executive
W.H. Ireland Limited Tell: 0161 832 6644
This information is provided by RNS
The company news service from the London Stock Exchange
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