CloudCoCo Regulatory News (CLCO)

13 Feb 2006 15:37

Glen Group PLC13 February 2006 Glen Group plc ("Glen or the Group") AGM Statement At the first Annual General Meeting of Glen Group plc, held today, Chairman EricHagman CBE made the following comments on current trading: "As we announced in January, the acquisition of Eclectic, which we expect willbe completed on Wednesday when the new ordinary shares, issued pursuant to theplacing and the acquisition, are admitted to trading on the AIM market of theLondon Stock Exchange, marks a significant step in our ambitions to grow into apowerful player in the added value information technology and communicationssector. Eclectic gives us a valuable foothold in the corporate market and in theprovision of specialised services to a blue chip client base. The Group, as we have previously reported, is currently loss making as a resultof the continuing investment in the expanded sales force. As a value addedreseller, the number of sales people employed coupled with the success of eachsales person in delivering a meaningful contribution to the business has adirect impact on profitability and we believe this remains critical to thesuccess of the business. Since the year end, trading has been in line withexpectations. Since its year end on 31 July 2005, Eclectic Group has beentrading profitably on an accumulated basis and trading is in line withexpectations The combined Glen and Eclectic teams have strong operational, sales andmanagement experience, and we believe this will drive continued growth bothorganically and if appropriate through further acquisitions. The Company will issue an update on trading in March." 13 February 2006 Enquiries: Glen Group plcGraham J Duncan, Chief Executive Tel: 0845 119 2110 College HillAlex Walters Tel: 0207 457 2020Corinna Dorward Notes to Editors Glen Group plc, is an Edinburgh based value added reseller of integrated IT andcommunication services. On 20 January 2006 it announced that it had agreed toacquire Eclectic Holdings Limited ("Eclectic"), for an initial consideration incash and shares of £2,212,500. An additional consideration of up to £787,500 ispayable dependent on adjusted results of Eclectic for their year ended 31 July2006. Financing of the deal has been arranged through a placing of 250,000,000shares raising gross proceeds of £2,500,000. Eclectic is a value added reseller of IT services operating in the corporatemarket based in Glasgow and London. It provides consultancy, implementation andtraining services to its customer base throughout the UK which includes a numberof blue chip clients This information is provided by RNS The company news service from the London Stock Exchange