Prologic Sold & Appointment of Financial Advisors
Comino PLC
25 November 1999
COMINO PLC:
£3.85M DISPOSAL OF SUBSIDIARY COMPANY VIA MBO
AND APPOINTMENT OF NEW FINANCIAL ADVISER
The board of Comino plc ('Comino' or the 'Group'), the provider of computer
systems for occupational pensions, housing and local authority revenues &
benefits, has today completed the sale of Prologic Computer Consultants Ltd
('Prologic'), a wholly-owned subsidiary, to a company incorporated for the
purpose of acquiring Prologic, owned by Lloyds TSB Development Capital and the
senior management of Prologic, for a total consideration of £3.85m in cash.
Prior to the sale, Prologic also paid a dividend of £284,000 to Comino. £3.7m
of the consideration will be paid on completion with a further unconditional
cash payment of £150,000 to be paid on the first anniversary of the
transaction.
Prologic provides computerised solutions to the fashion and clothing industry.
Its audited results for the year ended 31 March 99 showed a profit before tax
of £404,000 and net assets of £497,000. Prologic, contributed 14 per cent. of
the operating profit of the Comino Group for the year ended 31 March 1999.
Prologic is based in Berkhamsted, Hertfordshire.
Commenting on the disposal, Garth Selvey, Chief Executive of Comino said:
'Prologic has contributed significantly to the growth of Comino albeit that
its business has been regarded as non-core for some time. Its sale will allow
Comino to focus entirely on growth within its 'Business to Public' model,
developing and implementing information technology solutions, and providing
ongoing support for, Occupational Pensions, Social Housing and Local Authority
Revenue Administration. The proceeds of the sale will assist the Group's
expansion and acquisition strategy.'
Appointment of Financial Adviser
The Board of Comino is also delighted to announce the appointment of Close
Brothers Corporate Finance Limited as the company's financial adviser with
immediate effect. Williams de Broe will continue to act as broker to Comino.
For further information please contact:
Garth Selvey, Chief Executive Tel: 01628 525 433
Paul Clifford, Finance Director
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