Cobent Vendor Arrangements and Trading Update

RNS Number : 6953O

Access Intelligence PLC

22 September 2011

 



ACCESS INTELLIGENCE PLC

("Access Intelligence plc" or "the Group")

Cobent Vendor Arrangements and Trading Update

Access Intelligence (AIM:ACC) announces arrangements agreed with the vendors of Cobent.  Since the acquisition of Cobent in March 2010 the performance of the Company has been a disappointment to both Access Intelligence and the vendors. Significant changes in personnel have taken place in recent months including the departure of the principal vendors.

Cobent now has a new management team in place and the Access Intelligence board believes that this will result in an invigorated business.

The under performance of Cobent since acquisition has resulted in discussions between Access Intelligence plc and the principal vendors. As a consequence of those discussions the principal vendors have agreed to reduce the consideration paid under the acquisition agreement and on that basis have agreed to transfer their consideration shares (an aggregate of 29.67 million ordinary shares) to the Company in return for which Access Intelligence has released the principal vendors from restrictions on them working together as detailed in the Share Purchase Agreement and any ongoing liabilities.  In the reasonable opinion of the Board this will not pose a competitive threat to Cobent's core business.  The consideration shares returned to the Company will be held in Treasury.

At the same time the 5 million warrants transferred in March 2010 for nil consideration, by Michael Jackson (Executive Chairman) to the principal vendors have been returned to him. This brings the number of warrants priced at 2.75p held by Michael Jackson to 7,808,103.

Access Intelligence Trading Update   

Trading across the Group continues in line with current market expectations with no material impact in profit performance from the announcements above. However the impact on earnings per share (eps) of the share base reduction will improve diluted eps going forward by c.8.8%.

For further information: -

Access Intelligence plc

Michael Jackson (Executive Chairman)                                                             0207 400 0485

Jeremy Hamer (Finance Director)                                                                    07977 234 614

Northland CP                                                                                                                                    020 7796 8800

Shane Gallwey / Katie Shelton

Cubitt Consulting                                                                                                                            020 7367 5100

Chris Lane / Alice Coubrough

 

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