Last checked at 24 May 2024 14:38
24 May 2024
Empresaria Group plc
("Empresaria" or the "Group")
Acquisition of minority interest and related party transaction
Empresaria, the global specialist staffing group, announces the acquisition of 20% of the issued share capital of Empresaria Philippines Holdings Limited ("EPHL"), the UK holding company of Empresaria's Philippines subsidiary, Monroe Consulting Philippines, Inc. ("Monroe Philippines"), taking its shareholding in EPHL to 100% ("Acquisition"). Empresaria has a long-term policy of purchasing minority interests where it sees real value for shareholders and each acquisition is assessed on performance of the underlying entity.
The shares were acquired from Monica Viladot Medina, the former managing director of Monroe Philippines who left the Group in May 2024. Consideration for the shares is £0.4m, to be paid in cash from the Group's existing bank facilities, half on completion and half on (or within) twelve months of completion.
In 2023, Monroe Philippines contributed £1.4m to the Group's net fee income, £0.4m to the Group's adjusted profit before tax and had net assets of £0.6m as at 31 December 2023.
Related Party Transaction
The Acquisition of the outstanding interest in EPHL from Monica Viladot Medina, the former managing director of Monroe Philippines, is considered a related-party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The directors of Empresaria, all of whom are independent of the Acquisition, consider, having consulted Singer Capital Markets Advisory LLP, the Company's nominated adviser, that the terms of the Acquisition are fair and reasonable insofar as Empresaria's shareholders are concerned.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the UK version of the EU Market Abuse Regulation (2014/596) which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended and supplemented from time to time.
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Enquiries:
Empresaria Group plc Rhona Driggs, Chief Executive OfficerTim Anderson, Chief Financial Officer | via Alma |
Singer Capital Markets (Nominated Adviser and Joint Broker) Shaun Dobson / Alex Bond / Angus Campbell
| 020 7496 3000 |
Cavendish Capital Markets Limited (Joint Broker) Katy Birkin (Corporate Finance)Michael Johnson / Jasper Berry (Sales) | 020 7220 0500 |
Alma Strategic Communications (Financial PR) Sam Modlin / Rebecca Sanders-Hewett / Will Merison | 020 3405 0205empresaria@almastrategic.com |