Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

Interactive Prospect (STGR)

  Print      Mail a friend

Friday 11 December, 2009

Interactive Prospect

Sale of Directinet and Netcol

RNS Number : 0105E
Interactive Prospect TargetingHdgs
11 December 2009
 



Interactive Prospect Targeting Holdings Plc

("IPTH", "the Company" or "the Group")        

(AIM: "IPH")



  • Sale of Directinet and Netcollections 

  • Repayment of Group Debt 

  • Disposal of Vincent Square Property

  • Change of Company Name 

  • Annual Accounts 2008 and Interim Results 2009

  • Trading in Company's Shares and De-listing Proposal


Further to the announcement made on 9 July 2009 that the Group had received indicative proposals that may or may not result in an offer being made to acquire the Group's French subsidiaries, the Board of IPH announces that it has today reached agreement for the sale of Directinet SA (Directinet) and Netcollections SAS (Netcollections) and has also reached agreement for the disposal of the Group's interest in the property at Vincent Square.


Sale of Directinet and Netcollections


Following discussions over an extensive period with a number of parties, the Board announces that it has today reached agreement with Bisnode AB for the sale of Directinet and Netcollections. The disposal is subject to a number of conditions which include the following:

  • the approval of Shareholders, which will be sought at the Company's Extraordinary General Meeting on 4 January 2010;

  • the release of all relevant encumbrances in particular part of Barclays Bank PLC's security which is expected to be obtained at completion; and 

  • the buyer not exercising its right to terminate the Sale and Purchase Agreement if a relevant breach of warrantoccurs prior to completion.

The amount receivable by the Group in respect of this sale comprises:

An "Initial Consideration" of €7,000,000; and 

A "Balance Consideration" of €350,000, 

subject to adjustments to take in account the "Actual Net Cash Amount" and the "Adjusted Working Capital Amount" of Directinet and Netcollections on 31 December 2009 as defined in the Sale and Purchase Agreement ("Adjustments").

The Initial Consideration is payable on completion of the sale which is expected on or about 6 January 2010. The Balance Consideration (subject to the Adjustments) is payable following (i) the production of the accounts of Directinet and Netcollections for the year ended 31 December 2009 (by no later than 31 March 2010); and (ii) agreement on the extent of the Adjustments derived from those accounts. The Adjustments will vary on a day to day basis depending upon the cash flow and trading performance of Directinet and Netcollections.  

The Sale and Purchase Agreement also provides for the possibility of an "Additional Consideration" of up to €1,000,000 linked to the operating performance of Directinet and Netcollections in 2009, but, based on the latest forecast of the current profitability of these companies, this is not expected to realise any further cash amounts.

In addition to the sale proceeds, the Group expects to receive settlement of amounts due by Directinet and Netcollections, amounting at the end of November 2009, to approximately €480,000.  It is currently expected that the majority of this will be paid before completion with any balance paid by 31 March 2010.

The Group has given a number of warranties, but the Group's liability under them is capped at €100,000.


The total sale proceeds are below the aggregate of the price paid for Directinet when it was purchased in 2006 plus the amount that has been invested in Netcollections since it was formed in 2007. However, the Board believes that the price that has been obtained is the best price available at the present time and in the current economic climate, and that it is very much in the interests of the Group as a whole, and of Shareholders in particular, that Directinet and Netcollections should be sold on the basis negotiated.


The net earnings before interest and tax attributable to Directinet and Netcollections were €3,203,000 in the year ended 31 December 2008 and €139,000 in the six month period ended 30 June 2009. Directinet and Netcollections had net tangible assets of €2,134,000 as at 31 December 2008 and €2,214,000 as at 30 June 2009.   In September 2009 Directinet declared a dividend of €2,000,000 part of which was applied to reduce intergroup indebtedness and the balance remitted to the UK and used for UK working capital purposes.



Repayment of Barclays Bank PLC Loan


The current outstanding Barclays Bank PLC loan of €3,900,000 plus accrued interest and certain bank fees will be repaid in full on completion of the sale of Directinet and Netcollections.   The Bank retains its warrants to subscribe in cash for up to 3,000,000 ordinary shares in the Company at £0.004 per share.


The Board is grateful for the support it has received from the Bank over the last eighteen months or so since the original defaults first came to light.



Vincent Square


Since March 2009, the Board has been in discussion with the landlord of the Group's head offices at Vincent Square with a view to agreeing terms for the surrender of the Company's leasehold interests.  


The Board announces that an agreement was signed today with the Vincent Square landlord under which the Group has acquired an option to assign the Vincent Square leases to the landlord's ultimate parent company shortly after the completion of the proposed sale of Directinet and Netcollections, thereby extinguishing all the Group's obligations under those leases.


The net cost of these assignments will be approximately £1,000,000 which will be satisfied out of the sale proceeds of Directinet and Netcollections. The Board has been advised that this is a good outcome for the Group and that the potential liability could have been significantly higher



Maximising Shareholder Value


Once the sale of Directinet and Netcollections has been completed and the Bank and the Vincent Square landlord have been repaid, the Board intends to continue to manage the Group's interests with a view to maximising Shareholder value.  Having previously disposed of its wholly-owned online direct marketing businesses in the UK and having sold NP6, with the sale of Directinet and Netcollections the Group will have disposed of its remaining subsidiaries and the former principal activity of the Group of providing online direct marketing will cease. Following the sale, the Group will comprise the Company and its principal wholly-owned subsidiary, Direct Excellence, and these companies will continue to trade as going concern investment holding companies whilst the Board seeks to maximise Shareholder value.  This will involve the following:


  • Dealing with post-completion issues in relation to the sale of Directinet and Netcollections, including the collection of any further amounts of consideration and the resolution of any warranty claims.

  • Optimising the value of the Group's 12.2% interest in the ordinary share capital of Web-Clubs Limited ("WCL"), an online marketing business which is a closely held private company and in which the Group has had an investment for some years.  

  • Realising any remaining tax recoveries in France.  

  • Settling any remaining liabilities.

  • Maximising the return from surplus funds held by the Group.  

  • Keeping the Group overhead as low as possible.

  • Considering how best to return funds to Shareholders.



To mark this new phase in the Group's life, the Board proposes that the name of the Company be changed to Directex Realisations Plc and a resolution to this effect will be put to Shareholders at the forthcoming Annual General Meeting.



Annual Accounts and Interim Results 

The Group's Accounts for the year ending 31 December 2008 and the Interim Results for the half year to 30 June 2009 are expected to be published by no later than 23 December 2009.



AIM Listing


Once the 2008 Accounts are sent to Shareholders, and the Interim Results for the half year to 30 June 2009 published, application will be made to the Stock Exchange for resumption of trading in the shares on AIM, and it is hoped that this will happen shortly thereafter


The Board has concluded that the remaining activities are too small to warrant the continuation of the AIM listing and will be recommending to Shareholders at the 2009 Annual General Meeting which is currently expected to be held on 14 January 2010 that the Company be de-listed from AIM. If the resolution is approved, de-listing will take place on or abou22 January 2010.



General Meetings


Further particulars of the sale of Directinet and Netcollections will be set out in the Circular to Shareholders which will be issued by 16 December 2009 together with the Notice convening an Extraordinary General Meeting for 4 January 2010 at which the ordinary resolution for the approval of the disposal will be put to Shareholders.


Together with the issue of the 2008 Accounts, the Group will issue a circular convening the 2009 Annual General Meeting which will contain further particulars of the de-listing proposal and other business.


11 December 2009

ENQUIRIES:

IPH


Nicholas Ward, Executive Chairman

Tel: +44 (0) 20 7932 4410

Martin Purvis




Canaccord Adams

Tel: +44 (0) 20 7050 6500

Mark Williams, Corporate Finance


Bhavesh Patel




College Hill

Tel: +44 (0) 20 7457 2020

Mark Garraway, Media Enquiries


Adam Aljewicz




This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DISZGMMZKMLGLZM