18th Dec 2015 08:28
LONDON (Alliance News) - Volvere PLC on Thursday said it has sold JMP Consultants Ltd, its transport planning and engineering consultancy, for GBP8.0 million in cash to Systra Ltd, part of the Systra group of companies.
Of the sale proceeds, about GBP500,000 will be held in a retention account for 18 months following completion, the growth and turnaround investment company said.
Volvere, which owns 76.14% of JMP, is expected to retain about GBP5.5 million of the money after transaction costs and incentive payments and bonuses paid to staff and management.
Volvere acquired JMP in May 2013 for about GBP400,000 and also provided working capital loans. Since then, JMP has repaid all loan balances and paid dividends to Volvere of GBP450,000.
Shares in Volvere were up 14% at 425.00 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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