Tribal Group PLC
31 May 2002
Tribal Group plc
31 May 2002
Acquisition of Malcolm Judd & Partners ('MJP')
Tribal Group plc ('Tribal'), the provider of professional support services to
the UK public sector, is pleased to announce the completion of the acquisition
of MJP.
MJP provides planning and property consultancy services. It operates in the
education sector, principally working with further education colleges and
schools. MJP also has a number of private sector clients including Slough
Estates, Boots, B&Q and Dixons. It has worked closely with Tribal's property
services business and will form part of that division's activities.
MJP has operated as a partnership. Tribal has purchased 100 per cent. of the
business and assets of the partnership. The draft audited accounts of MJP for
the year ended 30 April 2002 show normalised operating profit of £493,000 on
gross fee income of £972,000.
The initial consideration of £3.21 million is to be satisfied by:
• £2.64 million in cash; and
• the issue of 159,216 new ordinary shares of 5p each in Tribal ('New
Tribal Shares')
Deferred consideration of up to £1.65 million will be paid based on the growth
in operating profit of MJP in the three years ending 31 March 2005. The
deferred consideration will be satisfied by the issue of new Tribal shares or,
at Tribal's option, bank guaranteed loan notes.
Application has been made for admission of the New Tribal Shares to trading on
the Alternative Investment Market of the London Stock Exchange ('AIM'). It is
expected that the New Tribal Shares will commence trading on AIM on 7 June 2002.
The New Tribal Shares will rank pari passu in all respects with the existing
ordinary shares of 5p each in Tribal.
Commenting on the announcement, Henry Pitman, Chief Executive of Tribal, said:
'The acquisition of MJP will complement and strengthen the activities of our
property services business and will allow us to provide our education, health
and other customers with a more comprehensive range of services.'
For further information contact:
Henry Pitman, Chief Executive Tel:01386 702900
Tribal Group plc
END
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