Completion of Sale of Non-Core Subsidiary

RNS Number : 0490P

AEC Education plc

19 October 2012

 



AIM: AEC

AEC Education plc

("AEC" or the "Company" and together with its subsidiaries the "Group")

      Completion of Sale of Non-core Subsidiary

Further to the announcement made by AEC on 4 October 2012, AEC is pleased to announce that all of the conditions relating to the agreed sale of Educational Resources Pte Ltd ("ER") to Pearson Education South Asia Pte. Ltd ("Pearson") (the "Sale") have been satisfied and that the Sale has now completed. 

As previously reported, the sale of ER, the Group's examinations subsidiary, is in line with the Board's view that the examinations activity was becoming less of a strategic focus as its college activities grow. The sale proceeds (£2.5 million cash on completion and a deferred payment of an amount equal to the net consideration received by Pearson for the sale of 3,000,000 shares it holds in AEC) will be used by AEC to expand its core business.

For further information contact:

AEC Education plc Liam Swords	[phone]
WH Ireland Limited (NOMAD & Broker) Dan Bate	[phone]
Biddicks Katie Tzouliadis	[phone]

 

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