18 Aug 2005 10:58
ILX Group PLC18 August 2005 18 August 2005 ILX Group plc Update on Acquisition of Mindscope Ltd The Board of ILX Group plc, the AIM quoted vocational education & trainingspecialist, is pleased to announce that pursuant to the acquisition of MindscopeLtd ("Mindscope") in November 2004 the performance related deferredconsideration has now become payable as the earn out conditions for the periodto 31 July 2005 have been met in full. The maximum payment of £500,000 reflectsthe very strong performance of Mindscope since its acquisition, such that itexceeded the maximum earn out target for pre tax profits of £375,000 for the 12month earn out period ended 31 July 2005. The deferred consideration will be payable as to £125,000 in cash and £375,000payable by the issue of 363,020 new ordinary shares in the Company. These sharesare subject to the same lock-in arrangements as the original considerationshares. Mindscope specialises in classroom training for PRINCE2 and in other aspects ofProject Management. Application has been made for the 363,020 new ordinary shares to be admitted totrading on AIM on 23 August 2005. Following this there will be 9,336,940ordinary shares in issue. Kate Blackall, managing director and former owner of Mindscope, will now own1,412,338 ordinary shares, representing 15.13 per cent. of the enlarged issuedshare capital. Ken Scott, CEO of ILX Group, comments: "We have been very pleased with the success of our recent acquisition which hasbrought a strong Project Management classroom training offering to the group.The acquisition has performed beyond management expectations and stronglyreinforces our ability to provide a unique full service offering ofComputer-based training, Classroom-based training and consultative services tothe fast growing market for vocational training. The Board continues to seeksuitable acquisitions as part of our strategy of organic and acquisitive growth." For further information, please contact: ILX Group plc Binns & Co PR Ltd Charles Stanley & Co. LtdKen Scott, Chief Executive Paul McManus Philip DaviesTel: 020 7371 4444 Tel: 020 7153 1485 Tel: 020 7739 8200 Mob: 07980 541 893http://www.ilxgroup.com Editor's Notes ILX Group plc is a leading provider of Project Management, IT, and BusinessFinance Training, delivered primarily through Computer Based Training (CBT) ande-Learning software, supplemented with more traditional classroom courses andworkshops. ILX Group currently trades through four divisions: • Intellexis (www.intellexis.com) - Global supplier of Financial Awareness Training • Key Skills (www.ksl.org) - Specialists in Multimedia based PRINCE2 and ITIL training • Computa-Friendly (www.computa-friendly.co.uk) - Market leader in FOI & Data Protection elearning • Mindscope (www.mindscope-uk.com) - The PRINCE2 Classroom training company This information is provided by RNS The company news service from the London Stock Exchange