Gresham Computing PLC
16 April 2002
GRESHAM COMPUTING PLC
('Gresham' or the 'Group')
SIM Group Disposal Update
Gresham Computing plc, provider of enterprise software
and solutions, today announces it has completed the
disposal of its remaining shares in SIM Group Limited to
SQS Software Quality Systems AG (SQS).
The proceeds for the second tranche of shares are as
a) £6,220,000 received in cash;
b) £692,000 in convertible bonds in SQS Software
Quality Systems AG. The bonds, which are convertible at
the option of Gresham into shares of SQS are interest
bearing, denominated in Euros and may be redeemed after 1
c) In addition further proceeds of ten per cent of the
turnover achieved by SIM Group in the year ending 31
October 2002 will be payable in cash by 30 December 2002.
Andrew Walton-Green, Chief Executive, said:
'I am very pleased to announce the completion of this
deal to sell SIM. Gresham bought SIM in April 1999 for
£6 million and has now sold it for in excess of £13
million in two tranches.
'The cash will be used to invest in our core technologies
with a view to providing our shareholders with
significant long term growth and profitability.'
The Group also announces Preliminary Results for the 14
months ended 31 December 2001 today.
For further information, please contact:
Gresham Computing plc 01489 555522
Andrew Walton-Green, Chief Executive
Dean Osman, Finance Director
Weber Shandwick Square Mile 0207 950 2800
This information is provided by RNS
The company news service from the London Stock Exchange