TIDMILX

RNS Number : 6152W

ILX Group PLC

23 November 2010

ILX Group PLC

("ILX" or the "Group")

Placing and Board Appointment

Octopus invest GBP900,000 @ 26.5p

ILX Group plc (AiM: ILX), the AIM quoted provider of e-learning software and business training, is pleased to announce that the Octopus Capital for Enterprise Fund ("Octopus"), which currently holds an 8.5% stake in the Company, has agreed to invest a further GBP900,000 in new ordinary shares of 10 pence each ("Ordinary Shares") at a price of 26.5 pence per share.

The additional investment, which will be used to reduce bank debt and fund further expansion, will give Octopus a holding of 5,396,228 Ordinary Shares, representing a 20% stake in the enlarged share capital of 26,963,580 Ordinary Shares.

The above figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

It is anticipated that these new Ordinary Shares will be admitted to AIM on or before 29 November 2010 ("Admission").

Following Admission, Chris Allner, aged 50, of Octopus Ventures will join the Board as a non-executive director. He is a highly experienced Venture Capital and Private Equity professional with over 25 years' experience in the industry.

He currently holds the following directorships:

Lilestone Holdings Ltd

The Kendal Group Ltd

First Sports Group Ltd

BDA International Ltd

Brandspace Group Ltd.

During the past 5 years, Mr Allner has also held directorships at the following companies: Steribottle Ltd, Gyrohsr Ltd, Covion Holdings Ltd, Luther Pendragon Holdings Ltd, Plastics Capital Trading Ltd, T4 Adbarriers Ltd, T4 Holdings Ltd and T4 Media Ltd. He was also a director at Gyro Nominees Ltd which was dissolved in September 2009, Octopus Private Equity CIP GP Ltd which was dissolved in October 2009 and Octopus Private Equity LLP and Octopus Private Equity Partners GP Ltd both of which were dissolved in August 2009, having never traded. No administration was involved.

There are no other matters required to be reported pursuant to Schedule Two (g) of the AIM rules.

Paul Lever, Chairman, ILX Group plc commented:

"We are delighted that Octopus has demonstrated their confidence in the management and the strategy of ILX with this further investment. I am also very pleased to welcome Chris Allner to the Board where I believe he will add value and make a positive contribution as we look to expand and grow the business."

Chris Allner, Managing Director, Octopus Ventures, commented:

"Octopus saw the opportunity to invest in a business with the potential to grow rapidly, particularly overseas, and the ILX Board felt that my joining them would help them achieve their objectives. I look forward to working with the team."

23 November 2010

For further information, please contact:

 
 ILX Group plc                       020 7751 7100 
 Ken Scott, Chief Executive 
 FinnCap                             020 7600 1658 
 Marc Young - Corporate Finance 
  Tom Jenkins - Corporate Broking 
 Lothbury Financial Services 
  Limited                            020 7868 2010 
 Michael Padley / Libby Moss

ENDS

This information is provided by RNS

The company news service from the London Stock Exchange

END

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