Acquisition of minority inter

RNS Number : 3170E

Tribal Group PLC

17 December 2009

 



Tribal Group plc

Acquisition of minority interests of Tribal HELM

Tribal Group plc ("Tribal"), a leading provider of professional services to the public sector in the UK and internationally, is pleased to announce the acquisition of all of the minority interests in its subsidiary,  Tribal HELM Corporation Limited ("Tribal HELM") for £6.3m.  Tribal HELM is now wholly-owned by Tribal and its UK and international activities will form part of Tribal's new Government Services business stream.  

Tribal HELM is a leading consulting business providing management and financial consultancy services to the public sector in the UK and internationally.  Tribal acquired a majority interest in Tribal HELM in June 2008.  The business is based in Northern Ireland and operates in the UK and worldwide. It has been established for over 17 years, and employs 70 staff and works with approximately 60 active associates. 

All of Tribal HELM's employee shareholders have served transfer notices which have been accepted by Tribal, including two who are directors of Tribal HELM. These employee shareholders will receive  £4.4m in cash and £1.9m to be satisfied by the issue of a total of 2,583,750 Tribal shares ("New Tribal Shares"), which they are required to hold for a minimum period of twelve months. The Tribal HELM shares being sold represent in aggregate 26 per cent of its issued share capital.

The senior management team will all remain with the business.

Tribal HELM has demonstrated strong growth in recent years.  For the nine months ended 31 December 2008, the company delivered turnover of £12.5m, operating profit of £2.2m and had gross assets of £8.8m.

Application will be made for the admission of the New Tribal Shares to trading on the Main Market of The London Stock Exchange ("Main Market"). It is expected that the New Tribal Shares will commence trading on the Main Market on 23 December 2009. The New Tribal Shares will rank pari passu in all respects with the existing ordinary shares of 5p each in Tribal.

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For further information, please contact: 

Tribal Group plc                                                        Telephone: [phone] 

Peter Martin, Chief Executive 

Simon Lawton, Group Finance Director 

Editors' note: 

Tribal provides professional services focused on improving the delivery of public services in the UK and internationally. Our core markets are in education, health, central government, local government and housing. Tribal employs over 2,300 staff and its shares are quoted on the London Stock Exchange (TRB).  

Links: Tribal Group plc website: www.tribalgroup.co.uk

 

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