Last checked at 31 May 2013 07:00
Indeed Online PLC ("IOL" or the "Group")
Disposal
Further to the Trading Update issued on 23 May, the Board of IOL announces that a contract has been signed to dispose of Runnett & Co to its co founder Matthew Lewis for £1. Included in the sale is the intellectual property relating to the online conveyancing business. As part of the terms of the disposal IOL has agreed to pay £325,000 upon completion to fund working capital/restructuring costs.
The transaction represents the disposal of substantially all the business of IOL and is therefore subject to shareholder approval at a general meeting. A shareholder circular is being prepared which will contain details of the disposal, set out the company's future plans and provide details of the general meeting.
Following the completion of the Runnett disposal, IOL will hold net cash of £900k and no debt as well as tax losses amounting to approximately £2.77m. The assets to be disposed of contributed the majority of the Company's last reported loss before tax. The Directors will hold discussions with shareholders as to whether the company will invest the remaining cash or be wound up with cash distributed to shareholders. Following this consultation, should the Company decide to seek investment opportunities rather the return the cash, the Company will set out the details of its investing policy in accordance with the AIM Rules in the shareholder circular.
Ends.
Enquiries
In-Deed Online plc
Harry Hill/Peter Gordon
Tel: +44 (0) 20 7401 9559
Numis Securities Limited
Stuart Skinner/Andrew Holloway (Nominated Advisor)
David Poutney/James Serjeant (Broker)
Tel: +44 (0) 020 7260 1000