(Alliance News) - Parity Group PLC confirmed the disposal of Parity Professionals Ltd on Friday, changing its name to Partway Group PLC.
Following shareholder approval on Thursday, the London-based recruitment solutions provider has confirmed the disposal of its primary operating subsidiary to Network Ventures Ltd. Following completion of the disposal, the company would become a cash shell.
Parity Professionals in 2022 contributed GBP378,000 in pretax profit to Parity.
The company's name change will take effect on the AIM market as of 8:00am December 11 2023. The Company's TIDM, ISIN and SEDOL numbers will remain unchanged.
In accordance with the the sale and purchase agreement, Parity has been paid a GBP2 million initial consideration by Network Ventures. GBP1 million will be retained by the purchaser to offset PPL's expected negative working capital position as well as other adjustments. Should PPL's negative working capital position come to less or more than this amount, the difference will be settled by either Parity or the purchaser.
The company's strategy, per a release on its new website, is now to acquire projects "which are either cash flow generative or show significant potential for growth and a profitable exit".
Parity Group's share price was up 11.5% at 1.45 pence each in London on Friday afternoon.
By Hugh Cameron, Alliance News reporter
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Parity (PTY)