Update on Offer

RNS Number : 2855I

Altitude Group PLC

13 June 2011

 



Altitude Group plc

("Altitude" or the "Group")

Update on Indicative Offer for Promotional Marketing Division

Altitude (AIM: ALT), the promotional merchandise and marketing solutions group, provides an update on the preliminary indicative offer for its Promotional Marketing Division first announced on 10 May 2011.

The board is now in exclusive negotiations with a team including senior management and staff of the Promotional Marketing Division. These negotiations are at an advanced stage. Altitude will release a further announcement in due course.    

The Promotional Marketing Division consists of the businesses that are involved in the purchase and supply of Promotional Products, and accounted for approximately 75% of the Group's revenues in the year ended 31 December 2010, and approximately 74% of the Group's employees. The disposal of the Promotional Products Division would constitute a fundamental change of business under Rule 15 of the AIM Rules and would therefore be conditional on shareholder approval.

Contact:

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

Bob Huxford (Media Enquiries)                 Tel: [phone]

Paul Cornelius (Investor Enquiries)         Tel: [phone]

Notes:

Altitude Group plc has two distinct but related businesses. The Promotional Marketing division is one of the UK's leading suppliers and distributors of promotional merchandise to corporate and trade customers.

The Information and Technology division (Trade Only) provides a range of Cloud-based Ecommerce, Enterprise Resource Planning, Customer Relationship Management and web-based solutions to both suppliers and distributors operating in the promotional merchandise industry. Trade Only also provides information services to the industry including product data flow between suppliers and independent distributors, and the UK's largest trade show for promotional merchandise industry.

 

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