20th Feb 2019 09:19
LONDON (Alliance News) - Impellam Group PLC said on Wednesday it intends to demerge subsidiary Carlisle Support Services Group Ltd, in order to focus on its managed services and specialist staffing portfolio.
Carlisle provides support services in the UK, including providing cleaning and security, events management, and support for retailers.
The demerger will be conducted by the issue of shares in Carlisle at 0.034 pence each, on the basis of one new Carlisle share for each Impellam share owned.
Following the transaction, Carlisle will have 49.4 million shares issued overall at a value of GBP1.7 million.
Impellam said its reasons for the demerger was that it considered Carlisle a non-core division of the group, which represents less than 3% of Impellam's 2017 revenue, which stood at GBP2.17 billion.
In Impellam's 2017 financial year, Carlisle reported GBP44.8 million in revenue.
Demerging the business would allow Impellam to focus on its core services, and in turn reduce selling, recruitment and operational costs.
Shares in Impellam were untraded on Wednesday, last quoted at 550.00 pence, giving it a market capitalisation of GBP274 million.
Related Shares:
IPEL.L