Disposal

Anite Group PLC 27 June 2001 27 June 2001 Anite Group plc ('Anite') Anite sells the majority of its Anite I.T. personnel business for £8.287 million Anite, the European IT consultancy and services company, is pleased to announce that it has, through two wholly-owned subsidiaries, entered into an agreement to sell for £8.287 million ('Consideration') 80.1% of the issued share capital of each of Anite I.T. Personnel Limited and Anite ITP Limited ('Companies'), both of which specialise in the supply of permanent and temporary I.T personnel, to Cobco (372) Limited, a special purpose vehicle of a management buy-in team ('Buyer'). Of the Consideration, the sum of £6.287 million is to be paid to Anite in cash on completion and a sum of £2 million is to be paid to Anite over 60 monthly instalments ('Deferred Payments') commencing between one and three years after completion. In addition, Anite is entitled to receive a further sum in cash on a sale or listing ('Exit') of either or both of the Companies (or their holding company, as the case may be) as follows: 1. in respect of an Exit within 3 years of completion, the sum of £2 million; 2. in respect of an Exit within 3 to 5 years of completion, the sum of £3million; 3. in respect of an Exit after 5 years of completion, the sum of £4 million; in each case plus a sum equal to any missed Deferred Payments. As at 30 April 2000 the value of the tangible net assets the subject of the transaction was £6.038 million and the profit attributable to those net assets was £458,000 before goodwill and tax. Anite will effect the disposal through its wholly-owned subsidiary, Anite Systems Holdings Limited, and Jemscout Limited, a company limited by guarantee of which Anite is the guarantor. The disposal marks the final stage in Anite Group's programme of disposing of its non-core businesses and property assets which (including the disposal detailed above) have raised £81.7 million in total over the last 4 years, allowing Anite to continue its strategy of focusing on IT consultancy and services. The sale proceeds of the current transaction will be applied in implementing this strategy and towards Anite's working capital requirements. John Hawkins, Chief Executive of Anite Group Plc, commenting on the disposal, said: 'Today's announcement marks the final stage of our strategy of disposing of non-core businesses to focus on IT consultancy and services.' 'We will continue to build on this progress by further organic growth and investment in the core businesses together with selective acquisitions.' 'I look forward to reporting on another strong year of trading on 4 July.' For further information please contact: Anite Group Plc 0118 945 0121 John Hawkins, Chief Executive Golin/Harris Ludgate 020 7324 8888 Reg Hoare / Laurence Read
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