HYDG.L Regulatory News (HYDG)

1 May 2008 07:43

Hydrogen Group PLC01 May 2008 1 May 2008 Hydrogen Group plc ("Hydrogen") Lapsing Of Proposed Acquisition Of Imprint Plc ("Imprint") The Board of Hydrogen Group plc announces that, in view of its decision not torevise the offer for Imprint Plc, the scheme of arrangement under section425 of the Companies Act 1985 in relation to the proposed acquisition has lapsedin accordance with its terms. The Board of Hydrogen also announces that the dispute referenced in anannouncement by Imprint on 8 April 2008 has been resolved to both parties'satisfaction. In recognition of this resolution, Hydrogen will not make anycontractual offer to acquire the share capital of Imprint for twelve months,unless otherwise approved in writing by Imprint. Hydrogen has also released theirrevocable undertakings that were still held by it in connection with theproposed acquisition. Trading Update In the year to date our profitability has remained in line with budget, we haveseen some weakness in Net Fee Income as a result of the current economicclimate, but our cost control has been firm. Traditionally the second quarter ofthe year, particularly May and June, is a strong trading period. We will updatethe market at the half year end on our progress. Ian Temple, Executive Chairman of Hydrogen, commented: "We remain committed to our proven strategy of further expanding our businessand developing our market leading specialist recruitment brands through organicgrowth. We will continue to apply strict financial discipline in assessingfuture acquisition opportunities, as and when they arise. We are well placed toaddress current market conditions through our diversified business model and ourfocus on mid level professional recruitment." Enquiries: Hydrogen Group Plc 020 7240 2500Ian Temple, Executive ChairmanTim Smeaton, Chief Operating Officer Oriel Securities 020 7710 7600NOMAD to HydrogenDavid Arch / Natalie Fortescue Hudson Sandler 020 7796 4133Financial PR AdvisersKate Hough This information is provided by RNS The company news service from the London Stock Exchange