Tribal Group PLC
26 April 2001
Tribal Group plc ('Tribal Group' or the 'Company')
Acquisition of Trackit Systems Limited ('Trackit')
Tribal Group is pleased to announce the acquisition of Trackit Systems
Limited. Tribal Group has acquired 83.5 per cent. of the issued share capital
of Trackit, with the balance of 16.5 per cent being held by the Trackit
management.
Trackit is engaged in the design and development of bespoke data capture,
document and data management systems for a range of clients in the private and
public sectors. The acquisition of Trackit represents an expansion of Tribal
Group's information management activities. In particular, Trackit's specific
expertise will allow Tribal Group's information and library management
subsidiary, Instant Library, to offer its clients a comprehensive range of
electronic and web-enabled document and data management systems.
The initial consideration of £1,675,000 is to be satisfied by:
- the issue of 40,660 ordinary shares of 5p each in Tribal Group ('
New Tribal Group Shares');
- £160,400 in cash; and
- the issue of £1,414,600 fixed rate loan stock.
In addition, deferred consideration of up to £1,600,000 will be paid depending
upon the future performance of Trackit. This deferred consideration may be
satisfied in either cash or loan stock.
Application has been made for admission of the New Tribal Group Shares to
trading on the Alternative Investment Market of the London Stock Exchange ('
AIM'). It is expected that the New Tribal Group Shares will commence trading
on AIM on 27 April 2001. The New Tribal Group Shares will rank pari passu in
all respects with the existing ordinary shares of the Company.
Commenting on the announcement, Henry Pitman, Chief Executive of Tribal Group,
said:
'The acquisition of Trackit represents an exciting step forward for Tribal
Group. The acquisition introduces a high quality pool of IT expertise into
the group and will allow us to accelerate the growth of our data and document
management systems capabilities.'
For further information contact:
Henry Pitman, Chief Executive - Tribal Group plc - 01386 702900
*A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:
Obtains access to the information in a personal capacity;
Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
Please note, this site uses cookies. Some of the cookies are essential for parts of the site to operate and have already been set. You may delete and block all cookies from this site, but if you do, parts of the site may not work. To find out more about the cookies used on Investegate and how you can manage them, see our Privacy and Cookie Policy
To continue using Investegate, please confirm that you are a private investor as well as agreeing to our Privacy and Cookie Policy & Terms.