Result of General Meeting and Disposal of PPD

RNS Number : 2823K

Altitude Group PLC

13 July 2011

 



13 July 2011

Altitude Group plc

("Altitude" or the "Company")

Result of General Meeting and Disposal of Promotional Products Division (the "Disposal")

Altitude Group plc (AIM: ALT), the provider of information and technology services to the promotional products industry, announces that at the General Meeting held yesterday, shareholders of the Company approved the disposal of the Promotional Products Division ("PPD") to Stridage Holdings Limited ("Stridage"), a new company established to effect the purchase of the PPD. The number of proxy votes in favour was 15,759,157 and there were no proxy votes against.

The principal terms of the Disposal are as follows:

·     Consideration payable under the Sale and Purchase Agreement is £6.27 million, payable as follows:

o  Cash consideration of £721,043

o  Repayment of amounts due to the Company from Dowlis and AdProducts which are estimated to be in aggregate £1,547,352; and

o  The issue of secured 2016 Loan Notes, of £4,000,000 (annual interest of the higher of 8 per cent. and two per cent. above base rate, payable monthly)

The Disposal allows resources and efforts to be entirely focused on the Company's technology and information offering. Further details on the reasons for the Disposal can be found in the announcement dated 23 June 2011.

Definitions in this announcement are consistent with those set out in the Circular issued to shareholders of the Company and dated 23 June 2011, a copy of which is available on the AIM Rule 26 Information page of the Company's website (www.altitudeplc.com).

Enquiries:

Altitude Group plc

Colin Cooke (Chairman)                                               Tel: + 44 (0) 870 224 6677

Martin Varley (Chief Executive)                                UK Tel: + 44 (0) 7912 599 012

                                                                                                US Tel: [phone]

 Merchant Securities

 Lindsay Mair/Simon Clements                                  Tel: [phone]

Walbrook PR Ltd

Bob Huxford (Media Enquiries)                                 Tel: [phone] [e-mail] 

Paul Cornelius (Investor Enquiries)                         Tel: [phone] [e-mail] 

 

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