6th Oct 2009 10:54
6 October 2009
Innovation Group PLC ("Innovation Group" or the "Company")
Statement re press comment
The Directors of Innovation Group (the "Board") note the recent press speculation and confirm that the Board did, in August this year, receive an unsolicited approach from EXL Service Holdings, Inc. ("EXL") regarding a possible cash offer for the Company at 16p per share predicated on certain pre-conditions and assumptions.
The approach was very preliminary in nature and, having discussed it with its advisers, Investec, at that time, the Board decided to reject it on the basis that it materially undervalues the Company. This is consistent with the Board's previous position with respect to an expression of interest of 15p in March 2009 from CETP II Participations S.a r.l. SICAR (a company owned by Carlyle Europe Technology Partners II, L.P. and CETP II Co-Investment. L.P.).
Since March 2009, the Company has continued to improve its trading through a combination of contract wins, vigorous cost reductions and completion of its Innovation Insurer software platform.
The Board is pleased with current trading and outlook and the Company continues to make good progress. Full year preliminary results will be released in early December 2009.
For further information please contact:
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Innovation Group Andy Roberts, Chairman Hassan Sadiq, Chief Executive Officer Jane Hall, Group Finance Director |
Tel: +44 (0) 1489 898300 |
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Investec |
|
|
Andrew Pinder / Patrick Robb |
Tel: +44 (0) 20 7597 5970 |
|
Financial Dynamics Edward Bridges / Juliet Clarke / Matt Dixon / Erwan Gouraud |
Tel: +44 (0) 20 7831 3113 |
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