16th Feb 2006 13:59
Multi Group PLC16 February 2006 Multi Group Plc Result of EGM Multi Group plc ("Multi" or "Company"), the specialist recruitment group, ispleased to announce that at the extraordinary general meeting of the Companyheld earlier today, all of the resolutions proposed in connection with theacquisition of Global Medics Limited ("Global Medics") were passed. Theacquisition is the fourth Multi has made since March 2005. Global Medics Limited was founded in 2002 and focuses on placing consultants andsenior doctors on contracts with the NHS and private hospitals. The companyoperates out of offices in London and Yorkshire and also has an administrationand accreditation office in South Africa. Turnover for the year to 31 May 2005was £9.3m (2004: £8.3m) and profit before taxation was £1.3m (2004: £1.1m). InNovember 2005, Global Medics acquired the business and assets of Doctors onCall, a smaller business operating in the same sector. The initial consideration for Global Medics is £8.6m, comprised of £3m inordinary shares, £2.6m in preference shares, £1m in loan notes and £2m in cash.In addition Multi will pay up to £5.1m of further consideration, in loan notesand preference shares, conditional upon the achievement of certain performancetargets by Global Medics to 31 May 2007. The cash element of the initial consideration has been funded from Multi'sexisting resources and from group banking facilities which are to be establishedand drawn down following Admission. The 160,000,000 ordinary shares formingpart of the initial consideration will be admitted to trading on AIM tomorrow.No application will be made for the preference shares to be admitted to trading. Justyn Randall, Global Medic's founder, has joined Multi's main board withresponsibility for the day to day operations of the Group's medical businesses.Justyn is a widely respected figure in the staffing industry and brings with himover 10 years' direct recruitment experience. Commenting on the acquisition Oliver Cooke, Multi's Chairman, said "The acquisition of Global Medics marks the successful completion of a key stagein Multi's development and we are delighted both to be welcoming the GlobalMedics business into the group and also Justyn Randall, Global Medics' founder,onto Multi's board." - ends - Enquiries to: Oliver Cooke, ChairmanMulti Group Plc Tel: 08701 602 901 William Vandyk, DirectorCorporate Synergy Plc Tel: 020 7448 4400 Miranda GoodRedleaf Communications Ltd Tel: 020 7955 1410 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Servoca