RNS Number:9041I
Europasia Education PLC
23 February 2005

23rd February 2005


Europasia Education Plc ("EPE" or "the Company")

Acquisition of Chinese Education Business

EPE, the AIM-listed education group, is pleased to announce the completion of
its acquisition of a 12% stake in Ample Gains Investments Ltd ("AGI"). AGI owns
100% of Europasia (Beijing) Educational Technology Co. Ltd ("EPE Beijing"), a
Chinese educational management business which has a 25 year licence to manage ("
the Management Agreement") Shandong International Institute of Translation ("
SIIT"), a profitable Chinese University with over 8,000 students.

The consideration of #0.99 million for the acquisition is being satisfied via
the issue of 55,873,016 EPE shares at a price of 1.50p per share, and a payment
of #160,000 in cash.  The shares issued are subject to a six month lock-up from
date of issue.

Under the Management Agreement, EPE Beijing has taken over the running of SIIT
in exchange for all the income generated by the University, less a fee for use
of the SIIT assets.

Victor Ng, EPE Director in charge of Asian operations, has been appointed to the
Board of EPE Beijing.  Simon Littlewood and Victor Ng have been appointed to the
Board of AGI.

EPE has an option to increase its stake in AGI to 20% via an additional cash
payment of #0.7 million any time before the end of June 2005.  EPE's share of
AGI profits represents an initial 25% return on investment, based on AGI's
forecast profits after tax of #2.1 million for the year ended 30th June 2005.

Application has been made to admit the new ordinary shares to be issued to
trading on AIM and admission is expected on 2nd March 2005.  The total number of
issued ordinary shares in the Company admitted to AIM following the issue will
be 223,922,837.

Mr Chengwu Sun, President of SIIT, said: "Being part of Europasia gives us the
opportunity to exchange teachers, courses and students with the UK, and gives
our students the chance to do part of their studies in the UK and gain
experience through Europasia's work experience programs."

James Holmes, EPE Chief Executive said:  "This gives us a solid base from which
to build our business in China, with an existing and expanding student base that
Management International and E2000 can market their courses to. There are a
number of similar, profitable businesses in China we are looking to acquire
stakes in to increase our presence in what is one of the fastest growing
education markets in the world."

For further information:
James Holmes, Chief Executive
EuropAsia Education
020 7332 2218
www.europasiaeducation.com

Paul Quade
CityRoad Communications
020 7248 8010
07947 186 694




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

ACQPUUQUPUPAGQP
Europasia Education (LSE:EPE)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more Europasia Education Charts.
Europasia Education (LSE:EPE)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more Europasia Education Charts.