Cloudcoco Regulatory News (CLCO)

19 Mar 2008 16:02

Glen Group PLC19 March 2008 19 March 2008 Glen Group plc ("Glen" or "the Company") Further Sale Consideration On 7 January 2008, the Company announced the completion of the sale of the business and assets of each of Eclectic Group Limited and I G Software Limitedto Maxima Information Group Limited, a wholly owned subsidiary of Maxima Holdings plc, and the receipt by the Company of the initial sale proceeds of £2.25m. The Company has today received the second and final payment of the sale consideration being the maximum additional consideration receivable of £750,000, less an adjustment in the sum of £278,342 in respect of deferred income, prepaid and accrued costs as at 31st December 2007, the date of transfer of the trade and assets of the two businesses. The net sum received has been calculated in accordance with the terms of the sale and purchase agreement. The gross sale price of £3.00m represents a value per issued Ordinary Share of 0.251p. This equates to a premium of 195.3% compared to the closing middle market price on 18 March 2008 of 0.085p, which valued the entire Glen group, including the businesses not sold, at £1,014,985. Commenting today Graham J Duncan, Chief Executive Officer stated: "I am delighted that the maximum additional sale consideration has been achievedwhich is a direct reflection of both the quality of the customer base and theskill set of the consulting team. These additional funds will be applied towardsthe continuing development of the Company." Enquiries: Glen Group plcGraham J Duncan, Chief Executive Officer Tel: 0845 119 2100 Jonathan WrightSeymour Pierce Tel: 020 7107 8000 Pelham PRAlex Walters Tel: 020 3170 7435 This information is provided by RNS The company news service from the London Stock Exchange