Further Sale Consideration
March 19 2008 - 12:02PM
UK Regulatory
RNS Number:5055Q
Glen Group PLC
19 March 2008
19 March 2008
Glen Group plc
("Glen" or "the Company")
Further Sale Consideration
On 7 January 2008, the Company announced the completion of the sale of the
business and assets of each of Eclectic Group Limited and I G Software Limited
to Maxima Information Group Limited, a wholly owned subsidiary of Maxima
Holdings plc, and the receipt by the Company of the initial sale proceeds of
�2.25m. The Company has today received the second and final payment of the
sale consideration being the maximum additional consideration receivable of
�750,000, less an adjustment in the sum of �278,342 in respect of deferred
income, prepaid and accrued costs as at 31st December 2007, the date of
transfer of the trade and assets of the two businesses. The net sum received
has been calculated in accordance with the terms of the sale and purchase
agreement.
The gross sale price of �3.00m represents a value per issued Ordinary Share
of 0.251p. This equates to a premium of 195.3% compared to the closing middle
market price on 18 March 2008 of 0.085p, which valued the entire Glen group,
including the businesses not sold, at �1,014,985.
Commenting today Graham J Duncan, Chief Executive Officer stated:
"I am delighted that the maximum additional sale consideration has been achieved
which is a direct reflection of both the quality of the customer base and the
skill set of the consulting team. These additional funds will be applied towards
the continuing development of the Company."
Enquiries:
Glen Group plc
Graham J Duncan, Chief Executive Officer Tel: 0845 119 2100
Jonathan Wright
Seymour Pierce Tel: 020 7107 8000
Pelham PR
Alex Walters
Tel: 020 3170 7435
This information is provided by RNS
The company news service from the London Stock Exchange
END
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