Information  X 
Enter a valid email address

Intellego (ARGP)

  Print      Mail a friend       Annual reports

Tuesday 15 November, 2011


Acquisition of Digital Learning Marketplace

Embargoed until 7am        15 November 2011

                             INTELLEGO HOLDINGS PLC
                         ('Intellego' or 'the Company')

                  Acquisition of Digital Learning Marketplace

The Board of Intellego, the AIM traded digital learning business, is delighted
to announce it has entered into a non-binding memorandum of understanding
("MOU") to acquire an investment in the Digital Learning Marketplace ("DLM")
project from Milamber Limited. There are two phases; development and commercial

Development - the DLM is being built as a revolutionary new learning platform
intended to allow Corporations, SME businesses, and professionals to access
their day-to-day and future learning requirements with the goal of helping them
improve their business performance.  The Directors of Intellego believe that the
DLM will be the first source of truly personalised learning giving users the
ability to create their own focused courses in affordable blocks, built from
materials supplied by a diverse range of providers.  It will enable the owners
of learning content to trade and monetise their learning assets.  Participants
in the project include Pearson Education (19%) and Ashridge Business School
(6%).  The DLM is designed to have global appeal, with engaging content
available in small "bite-sized" units that are easily accessible, and

The Consortium partners will (pro rata to their respective interests in the
project) receive a £740,272 grant from the UK Government's Technology Strategy
Board (TSB) ("Grant"), such is the importance of digital learning to the future
education needs within the UK, to provide funds to help the Company finance the
development of the DLM platform. The Consortium partners have agreed to match-
fund the Grant giving the project a total investment of £1,498,224.

Commercial exploitation - the DLM is expected to be fully operational in 2013,
in the interim there will be limited scale commercial trials and testing.

The proposed arrangements comprise an initial investment of up to £160,000 to
secure a majority interest in the project during the two year development stage
followed by Intellego's option to maintain this interest into the exploitation
stage.  If for any reason Intellego decides not to exercise the option then
Milamber has undertaken to buy-back the Interest from Intellego for an amount
equal to Intellego's investment save for the first payment of £40,000.

Milamber, in which Andy Hasoon is a 21% shareholder, (Intellego's CEO and
Director) owns a 6.86% interest in Intellego (40,000,000 ordinary shares of
0.05p).  Accordingly, the transaction is a Related Party Transaction as defined
by the AIM Rules.

The independent Directors of Intellego (being all the Directors with the
exception of Andy Hasoon) having consulted with the Company's Nominated Adviser,
consider that the terms of the MOU are fair and reasonable insofar as the
Company's shareholders are concerned.

Angus Forrest, Chairman of Intellego said: "The investment in the DLM is our
first major transitory move into being a pure digital learning provider. We are
excited by the opportunity, that Andy Hasoon has brought to us, which has the
potential to transform Intellego into a global player, and consider that the
transaction provides a structured approach for Intellego Shareholders to
participate in that opportunity".

Andy Hasoon, CEO of Intellego said: "As the education market aligns ever more
closely with online content and learning, the DLM has created a strategy which
will ensure it remains the leader of this exciting and revolutionary step
change. We promise our customers around the world that we will provide the most
comprehensive, relevant and enjoyable learning experiences available."


For further information:

Intellego Holdings plc
Angus Forrest, Chairman        020 8977 8744
Andy Hasoon, CEO

Beaumont Cornish Limited (Nomad)        020 7628 3396
Roland Cornish

Rivington Street Corporate Finance (Broker)        020 7562 3357
Jon Levinson

Allenby Capital Limited (Broker)         020 3328 5656
Nick Naylor / Nick Athanas

Leander (Financial PR)         07795 168 157
Christian Taylor-Wilkinson


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


a d v e r t i s e m e n t