5th Apr 2007 16:21
Tribal Group PLC05 April 2007 Tribal Group plc Announcement in respect of Avail Consulting Limited Tribal Group plc ("Tribal") is pleased to announce the investment today the 5 April by approximately half of the 43 employees of Avail Consulting Limited ("Avail") in Avail, a company in which Tribal is and will remain the majority shareholder. Avail is a public sector consulting business, working with central government and public sector bodies across the full range of public services and in key areas of policy. Tribal established Avail in January 2004, with Martin Wilson and Robert Garneras minority shareholders. Avail has grown fast since its inception and itsoperating profits for the year ended March 2006 were £0.3 million and its grossassets were £1.57 million. In order to enable Avail to continue to grow through the increased equityparticipation of its employees, 20 of them have today subscribed for new sharesin Avail and purchased existing shares from Tribal, Martin Wilson and RobertGarner. The employees will be paying an aggregate of £204,000 for the Availshares, £102,000 of which will be an investment in new shares in Avail. TheAvail shares being subscribed and purchased by the employees represent inaggregate six per cent. of the issued share capital of Avail and the totalemployee participation, including Martin Wilson and Robert Garner and ten otherexisting employee shareholders, represents 42 per cent. If any of the new or existing employee shareholders wish at certain times in thefuture to sell their Avail shares, then Tribal has agreed, subject to certainconditions, to buy those shares at a market value price determined by referenceto the performance of Avail at that time. Tribal Group plc is entitled tosatisfy the consideration on any such purchase by issuing new Tribal Group plcshares. CONTACT FOR QUERIES Name: Richard Collins - Company Secretary, Tribal Group plc Telephone: 01285 886020 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tribal Grp.