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iimia Investment Grp (MGR)

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Friday 16 June, 2006

iimia Investment Grp

Disposal

iimia Investment Grp
16 June 2006



News Release

16 June 2006


iimia Investment Group PLC

Sale of Sinclair Henderson


iimia Investment Group PLC ('iIG') announces that, it has entered into an
agreement to sell Sinclair Henderson Limited and its sister companies, Sinclair
Henderson Fund Administration Limited, Sinclair Henderson Guernsey Ltd, and ACD
Services Limited (together 'Sinclair Henderson') to Capita Financial Group
Limited, a subsidiary of Capita Group PLC ('Capita'). Completion is subject only
to regulatory approval.


Sinclair Henderson is a specialist Exeter-based group, which provides fund
administration services.


The consideration receivable for Sinclair Henderson will comprise a cash payment
of £10.5 million, which will become due on completion. In addition, once
completion accounts for Sinclair Henderson have been prepared, the consideration
is subject to a pound for pound adjustment to the extent that the net assets of
Sinclair Henderson as at the date of completion are greater or less than
£500,000. Deferred consideration of up to £1.5million will become payable
dependent upon business development performance criteria in the first two years
of Capita's ownership. The proceeds will be used to fund future business
opportunities.


Sinclair Henderson had combined revenues for the year ended 31 December 2005 of
£ 3.9 million.


Michael Phillips, Chief Executive of iIG, commented: 'The sale of Sinclair
Henderson to Capita has created significant value for iIG's shareholders; with a
strengthened balance sheet iIG will look for development opportunities.'


--- Ends ---


Enquiries:

Michael Phillips, Chief Executive, Iimia Investment Group PLC       07873 141998

Gordon Neilly, Chief Executive, Intelli Corporate Finance           07785 111115

Roland Cross, Director, Broadgate                                  020 7726 6111


                      This information is provided by RNS
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