Tribal Group PLC
25 November 2004
Tribal Group plc
25 November 2004
Completion of the acquisition of
Strategic Information Technology Services Group Limited
Further to the announcement made on 19 October 2004 relating to the acquisition
of Strategic Information Technology Services Group Limited ('SITS'), Tribal
Group plc ('Tribal') is pleased to announce that is has now acquired the
remaining 20.2% of the issued share capital of SITS. Tribal now owns 100% of
the fully-diluted share capital of SITS.
The further SITS shares acquired represent the SITS shares issued following the
exercise of share options by SITS option holders. The consideration paid on
completion of the acquisition of these remaining SITS shares is £2.9 million,
which has been satisfied by the issue of 266,994 new ordinary shares of 5p each
in Tribal Group plc (the 'New Tribal Shares') and £2.4 million in cash or loan
notes. Application will shortly be made for the admission of the New Tribal
Shares to the Official List of the UK Listing Authority and to trading on the
London Stock Exchange. The New Tribal Shares will rank pari passu in all
respects with Tribal's existing ordinary shares and it is expected that trading
will commence on 30 November 2004.
Save as set out above, there has been no significant change affecting any of the
matters contained in the initial announcement of the acquisition of SITS and no
other significant matter has arisen in this respect which would require further
announcement.
END
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