Digital Learning Marketplace plc : Management Appointment and Acquisition
Embargoed until 7am 25 April 2012
DIGITAL LEARNING MARKETPLACE PLC
("DLM" or the "Company")
Management Appointment and Acquisition
DLM (AIM: DLM) a leading digital learning company specialising in the provision of productivity improvement, is pleased to announce it has appointed Mark Savinson as Chief Learning Officer (non-Board) and DLM has signed non-binding Heads of Terms to buy Mr Savinson's learning company Accredit Limited ( http://www.sales-accredit.com/, "Accredit") for DLM plc ordinary shares.
Mark Savinson, CEO and largest shareholder of Accredit has been working with DLM as a consultant for over six months now joins DLM full time as Chief Learning Officer.
Accredit has preferred supplier relationships with BT, Thomson Reuters, Lenovo and Vodafone and provides cutting edge Sales Performance Improvement solutions to blue chip companies.
The initial consideration will be £400,000 of ordinary shares of 0.05p in DLM, the price to be determined by the mid-market price on the date of completion, or as otherwise agreed between the parties at the time of closing. A further £300,000 of deferred consideration may be paid, also in DLM ordinary shares (calculated by the same method) subject to the acquired business showing a profit before tax of greater than £300,000 for the year ending 30 June 2012. As stated above, the heads of terms are non-binding and the acquisition is conditional inter alia on due diligence and agreeing a definitive sale and purchase agreement. For the year ended 30 June 2011, Accredit reported a profit on ordinary activities before taxation of £224,204 and after dividends paid to the working director shareholders had a retained profit of £93,723. Gross assets as at that date were £402,302.
Aside from securing valuable long term blue chip customers, all Intellectual Property owned by Accredit will be acquired as part of the transaction including Accredit's unique high performance sales assessment system.
Andy Hasoon, CEO of DLM, said, "We have several acquisitions being negotiated at this time and the DLM Board are delighted to announce these developments. This is the first step in what we hope to be a series of transactions that will transform us over the next year into a leading digital learning company. DLM will secure an important world class sales product portfolio to be sold to our existing customers, and we can cross-sell our existing products in to Accredit's significant blue chip customer base. Mark is an experienced businessman who is passionate about what we are doing at DLM; He now joins other key management as significant shareholders in DLM plc, where we are all focused on and are already making valuable contributions to growing and transforming our business performance."
Mark Savinson, the new CLO of DLM commented, "I am looking forward to helping DLM deliver on its strategy to become the leading provider of Digital Learning, allowing people to become more effective in their roles by targeting relevant digital content to meet the unique needs of the individual. Accredit has long been focused on providing speciality programmes to corporate sales teams and I now look forward to broadening this approach across all aspects of the learning marketplace. I am excited at the prospect of working with Andy and the management team at DLM in delivering on the vision and building significant shareholder value."
For further information:
Digital Learning Marketplace Plc Tel: 020 7408 4720
Angus Forrest / Andy Hasoon
Beaumont Cornish Limited (NOMAD) Tel: 020 7628 3396
Northland Capital Partners Limited (Broker) Tel: 020 7796 8800
Katie Shelton / Tim Metcalfe
Leander (Financial PR) Tel: 07795 168157
NOTES TO EDITORS
Digital Learning Marketplace plc is a London Stock Exchange AIM listed holding company run by a team of energetic and experienced learning professionals who share two simple but ambitious goals: to shape the future of management training and to transform the corporate learning industry.
DLM is building the next generation of innovative digital learning products - products that will bring about a step-change in the way organizations and individuals learn, develop and improve; and DLM has embarked on an aggressive but selective programme of mergers and acquisitions to consolidate what is a very fragmented market.
This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.
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information contained therein.
Source: Digital Learning Marketplace plc via Thomson Reuters ONE