2nd May 2006 18:01
Prime People PLC02 May 2006 2 May 2006 Prime People plc (the "Company") Disposal of Interest in Cameron Kennedy Resources Limited Prime People plc ("Prime People" or the "Company") today announces that, on 28April 2006, it disposed of its entire 44.66% holding in Cameron KennedyResources Limited ("CKR"), a financial recruitment company, for a cashconsideration of £180,000. In the nine months ended 30 September 2005, the Company's share of CKR'soperating loss was £20,825. Management accounts for the six months ended 31March 2006 show that CKR, which historically has been treated by the Company asan associate undertaking, has underperformed its budgets and has continued tomake losses. The Board of Prime People therefore concluded that it was in thebest interests of shareholders to sell its entire shareholding in CKR. As a consequence of the sale the Company will incur a write down representingthe difference between the net proceeds of the sale and the carrying value ofCKR as at 31 March 2006 of £140,920. The net cash proceeds from the sale (approx. £175,000) will be used to assist inthe further development of the property recruitment business of Macdonald &Company Group Limited, the Company's main subsidiary. For further information: Robert Macdonald Tel: 020 7318 5874Chris Heayberd, Finance Director Tel: 020 7318 1784 DW Youngman, WH Ireland Limited Tel: 0161 832 2174 James Longfield / Georgina Briscoe, Hogarth Tel: 020 7357 9477 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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