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Intellego (ARGP)

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Friday 24 June, 2011

Intellego

Update on CVAs and trading






For immediate release                                        24 June 2011

                             INTELLEGO HOLDINGS PLC
                          ("Intellego or the Company")

                           Update on CVAs and trading


The directors of Intellego, the AIM traded digital learning company,  announce
that the terms of the Intellego's Company Voluntary Arrangement ("CVA") entered
into on 15 June 2010 have been satisfied.  This means the CVA for Intellego has
been completed and was formally recorded as so on 6 June 2011 at Companies
House.

On 15 June 2010 Intellego's original trading subsidiary, Intellego Group Ltd
("IGL"), also agreed a CVA proposal with its creditors.  The main activity of
IGL was the distribution of third party software.  A substantial part of this
was sold in April 2010 and plans to regrow the business have not been as
successful as forecast.  On 23 June 2011 the directors decided that the
continuation of the CVA for IGL was no longer viable and the Supervisor of the
CVA was asked to wind up IGL.  The effect of this on Intellego's consolidated
accounts is expected to be a reduction in annual sales of c. £365,000 and a
reduction of liabilities of c.£645,000, benefitting the net assets of Intellego
by the same amount.

Trading Update

The directors look forward to continuing their objectives of building a digital
learning business by organic growth and acquisition.

The Group now comprises Intellego, the holding company and three trading
subsidiaries:
  * Intellego PDP Ltd, supplier of published and bespoke content;
  * Intellego TTS Ltd which provides software simulation products and services;
  * PIXELearning Ltd, a serious games/immersive learning solutions learning
    business; and,


The existing business and its first acquisition, PIXELearning Ltd, which was
acquired on 28 April 2011 are developing as expected.

For further information:

Intellego Holdings plc
www.intellego.co.uk
Angus Forrest
020 8977 8744

Beaumont Cornish Limited
Roland Cornish
020 7628 3396

Rivington Street Corporate Finance Limited
Jon Levinson
Tel. 020 7562 3357

NOTES TO EDITORS
About Intellego
Intellego is a digital learning company which specialises in the provision of
productivity improvement, compliance and process change using training to
provide the solutions.  The appropriate solution may be digital learning or
instructor lead, or blended learning a mix of the two, to regulated industries
and distributed workforces.









This announcement is distributed by Thomson Reuters on behalf of 
Thomson Reuters clients. The owner of this announcement warrants that: 
(i) the releases contained herein are protected by copyright and 
    other applicable laws; and 
(ii) they are solely responsible for the content, accuracy and 
     originality of the information contained therein. 
    
Source: Intellego via Thomson Reuters ONE

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