13th Dec 2007 07:01
PROACTIS Holdings PLC13 December 2007 For immediate release 13 December 2007 PROACTIS Holdings PLC ("PROACTIS", the "Group" or the "Company") Early settlement of Alito earn out PROACTIS, the specialist Spend Control software provider, today announces thatit has agreed with the vendors of Alito (UK) Limited ("Alito") to complete anearly settlement of the earn out element of the total consideration. The Groupannounced the acquisition of Alito in its interim results announcement on 29March 2007 stating that the original earn out period would run to 31 March 2008. This final element of consideration is to be settled today with £300,000 cashand 585,023 new Ordinary Shares of 10p each in the Company (the "Shares").Application has been made for the Shares to be admitted to trading on AIM("Admission"). Admission is expected to occur on 18 December 2007. FollowingAdmission, the Company will have a total of 30,767,833 Ordinary Shares in issue. In the 8 month period since acquisition, Alito has contributed turnover of£990,000 to the Group on which it made an operating profit of £350,000. The Directors believe that it is in the Company's best interests to settle theearn out early as this will allow full integration of Alito into the Group aheadof schedule. Rod Jones, PROACTIS' Chief Executive Officer commented: "Alito has been an excellent acquisition for PROACTIS. It has enhanced ouroffering to the Public sector and we are now well positioned to benefit from thehuge opportunities in this sector. We're pleased to have agreed favourable termsfor the early settlement of the earn out and look forward to accelerating theintegration process." - ends - Enquiries: PROACTIS 01937 545 070Rod Jones, Chief Executive Weber Shandwick Financial 020 7067 0700Nick Oborne / John Moriarty / James White Landsbanki Securities (UK) Limited 020 7426 9000Gareth Price / Simon Brown Notes to Editors: PROACTIS creates, sells and maintains specialist software which enablesorganisations to streamline, control and monitor all internal and externalexpenditure, other than payroll. PROACTIS is already used in over 150organisations in the UK from the commercial, public and not-for-profit sectors. PROACTIS is a profitable, high growth business head quartered in Wetherby, WestYorkshire. It develops its own software using an in-house team of developers andsells through both direct and indirect channels via a number of AccreditedChannel Partners. PROACTIS floated on the AIM market of the London Stock Exchange in June 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PHD.L