16th Jun 2006 07:30
iimia Investment Grp16 June 2006 News Release 16 June 2006 iimia Investment Group PLC Sale of Sinclair Henderson iimia Investment Group PLC ("iIG") announces that, it has entered into anagreement to sell Sinclair Henderson Limited and its sister companies, SinclairHenderson Fund Administration Limited, Sinclair Henderson Guernsey Ltd, and ACDServices Limited (together "Sinclair Henderson") to Capita Financial GroupLimited, a subsidiary of Capita Group PLC ("Capita"). Completion is subject onlyto regulatory approval. Sinclair Henderson is a specialist Exeter-based group, which provides fundadministration services. The consideration receivable for Sinclair Henderson will comprise a cash paymentof £10.5 million, which will become due on completion. In addition, oncecompletion accounts for Sinclair Henderson have been prepared, the considerationis subject to a pound for pound adjustment to the extent that the net assets ofSinclair Henderson as at the date of completion are greater or less than£500,000. Deferred consideration of up to £1.5million will become payabledependent upon business development performance criteria in the first two yearsof Capita's ownership. The proceeds will be used to fund future businessopportunities. Sinclair Henderson had combined revenues for the year ended 31 December 2005 of£ 3.9 million. Michael Phillips, Chief Executive of iIG, commented: "The sale of SinclairHenderson to Capita has created significant value for iIG's shareholders; with astrengthened balance sheet iIG will look for development opportunities." --- Ends --- Enquiries: Michael Phillips, Chief Executive, Iimia Investment Group PLC 07873 141998 Gordon Neilly, Chief Executive, Intelli Corporate Finance 07785 111115 Roland Cross, Director, Broadgate 020 7726 6111 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
MGR.LCapita