Hermes Pac. Regulatory News (HPAC)

26 Feb 2008 08:00

India Outsourcing Services PLC26 February 2008 For immediate release 26 February 2008 INDIA OUTSOURCING SERVICES PLC (to be renamed INDIAN RESTAURANTS GROUP plc) First Day of Dealings of Enlarged Share Capital on AIM Acquisition of the Mela Group Change of name from India Outsourcing Services plc to Indian Restaurants Group plc India Outsourcing Services plc (to be renamed Indian Restaurants Group plc) ispleased to announce its first day of dealings on AIM today following itsacquisition of the Mela Group. The Company's new ticker symbol will be 'IRGP'.It is expected that the change in the Company's name and ticker symbol willbecome effective at 8.00am on 27 February 2008. India Outsourcing Services plc announced on 29 January 2008 that it hadconditionally agreed to acquire the London-based Mela Group of three Indianrestaurants and a catering business ("Acquisition") for a Consideration of£1,998,999 to be satisfied by £100,000 in cash and by the issue of up to7,201,365 new ordinary shares at 26.37p per share ("Consideration Shares"), someof which are conditional on the achievement of certain targets ("DeferredConsideration Shares"). The Initial Consideration Shares represent 27.53 per cent of the Enlarged ShareCapital, and the Consideration Shares in total will represent up to 43.17 percent of the further enlarged share capital assuming the issue of the DeferredConsideration Shares. As at 25 January 2008 (being the date on which the Ordinary Shares weresuspended from trading on AIM), the closing mid market price of an ExistingOrdinary Share was 20.5p. At this price the Mela Group was valued atapproximately £1.48 million and India Outsourcing at approximately £1.94million. Dealings in the Enlarged Share Capital consisting of 9,479,167 Existing OrdinaryShares and 3,600,683 Initial Consideration Shares commence on AIM today. Commenting on the successful completion of the Acquisition, Haresh Kanabar, theCompany's Non-Executive Chairman and Finance Director, said: "I am delightedthat trading has commenced in the new ordinary shares. We look forward toupdating shareholders in due course on our plans to roll out the Mela and Chowkirestaurant brands to create the UK's first national, branded provider of Indiancuisine." Full details of the Proposals were set out in the Admission Document posted toshareholders dated 28 January 2008 and which is available from the Company'swebsite at www.indianrestaurantsgroup.com. For further information please contact: India Outsourcing Services Plc (to be 020 7297 0012renamed Indian Restaurants Group plc) Amit Pau, Chief Executivewww.indianrestaurantsgroup.com W. H. Ireland Limited 0121 265 6330 Tim Cofman-Nicoresti / Katy Birkin Buchanan Communications 020 7466 5000 Mark Court This information is provided by RNS The company news service from the London Stock Exchange