ANITE GROUP PLC
11 August 1999
ANITE GROUP DISPOSES OF ITS PUBLISHING BUSINESS
Anite Group plc, the IT systems consultancy, today
announces that it has agreed, through its subsidiary,
Anite Business Systems Limited, to dispose of the
business and assets constituting its publishing business
to 5 Fifteen Limited (a management buy out vehicle), for
a total consideration of £2m.
Of this amount, £1,685,000 is payable at the outset with
the balance of £315,000 to be repaid to Anite Business
Systems in three equal tranches on 30 April 2001, 30
April 2002 and 30 April 2003.
The disposal marks a further stage in Anite Group's
programme of disposing of its non-core businesses,
allowing Anite to continue its strategy of focusing on IT
consultancy and services. The sale proceeds will be
applied in implementing this strategy and towards Anite
Group's working capital requirements.
The Anite Group is a consultancy and services business
working in the IT Sector. Anite has a turnover of £180m
and employs 1,500 IT professionals with industry
expertise in highway focussed vertical sectors. Anite
provides systems consultancy, application management
software products, support services and resourcing to
customers in the UK and in Europe. Anite concentrates on
three core vertical markets of finance, public sector and
telecomms.
Anite's publishing business incurred a loss in the year
ended 30 April 1999 of £252,000. The adjusted net assets
at completion were £357,000.
For further information, please contact:
Anite Group plc
John Hawkins, Chief Executive 01753 822 221
Ludgate Communications
Edward Macquisten 0171 216 4448
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