Disposal

ANITE GROUP PLC 11 August 1999 ANITE GROUP DISPOSES OF ITS PUBLISHING BUSINESS Anite Group plc, the IT systems consultancy, today announces that it has agreed, through its subsidiary, Anite Business Systems Limited, to dispose of the business and assets constituting its publishing business to 5 Fifteen Limited (a management buy out vehicle), for a total consideration of £2m. Of this amount, £1,685,000 is payable at the outset with the balance of £315,000 to be repaid to Anite Business Systems in three equal tranches on 30 April 2001, 30 April 2002 and 30 April 2003. The disposal marks a further stage in Anite Group's programme of disposing of its non-core businesses, allowing Anite to continue its strategy of focusing on IT consultancy and services. The sale proceeds will be applied in implementing this strategy and towards Anite Group's working capital requirements. The Anite Group is a consultancy and services business working in the IT Sector. Anite has a turnover of £180m and employs 1,500 IT professionals with industry expertise in highway focussed vertical sectors. Anite provides systems consultancy, application management software products, support services and resourcing to customers in the UK and in Europe. Anite concentrates on three core vertical markets of finance, public sector and telecomms. Anite's publishing business incurred a loss in the year ended 30 April 1999 of £252,000. The adjusted net assets at completion were £357,000. For further information, please contact: Anite Group plc John Hawkins, Chief Executive 01753 822 221 Ludgate Communications Edward Macquisten 0171 216 4448
UK 100

Latest directors dealings