5th Jul 2007 07:00
InterQuest Group PLC05 July 2007 5th July 2007 InterQuest acquires specialist IT recruitment business InterQuest Group Plc ("InterQuest" or "the Group"), today announcesthe acquisition of Intelect Recruitment Plc ("Intelect") for a totalinitial consideration of £3.725m and the appointment of David Di Domenico, M.Dof Intelect, to the GroupOs operational management board. The initial consideration is £3.55m in cash and £0.17m in new InterQuest sharesissued at a value of 107.5 pence per share. There is a maximum further cashconsideration of £0.5m payable in respect of the year to 31 March 08, togetherwith further amounts of £0.2m and £0.2m payable in respect of the following twoyears thereafter, in each case provided that certain financial targets areachieved for those respective years. Intelect provides niche recruitment services predominately within softwareengineering and manufacturing software. In the year to 31 March 2007, Intelect generated turnover of £6.8m and auditedprofit before tax of £0.6m. Net assets at 31 March were £1.1m Application has been made to the London Stock Exchange for 164,940 new ordinaryshares in InterQuest. The consideration shares will, upon issue, rank pari passuwith the CompanyOs existing issued ordinary shares and are subject to a lock-inrestriction which expires on 4th July 2008, and an orderly market provision for12 months thereafter. The Board believes that the acquisition, the Group's second in the North,represents further development of the Company into one of the UK's leadingproviders of specialist IT recruitment services. Gary Ashworth said: "This strategic acquisition, combined with theentrepreneurial skills of David Di Dominico and his team, provides acomplimentary niche to our core business and strengthen our presence in thespecialist IT recruitment arena." For further information please contact: InterQuest Group Tel: 020 7025 0100 Gary AshworthRoss EadesMichael Joyce Britton Financial PR Tim Blackstone 020 7251 2544 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
InterQuest Group