PNA.L Regulatory News (PNA)

FOR IMMEDIATE RELEASE

PRESS ANNOUNCEMENT

29 June 2009 

Penna Consulting Plc ("Penna" or the "Company")

Acquisition of the business and certain assets of Barkers Group Limited (in administration) ("Barkers")

Penna Consulting Plc, the international human resources consulting group, announces that it has acquired the business and certain assets of Barkers today, for a cash consideration of £8.6 million, from the administrators of BNB Recruitment Solutions PLC and certain subsidiaries following the marketing of the business of Barkers by Chantrey Vellacott DFK. A significant element of the cash consideration is in respect of trade debtors and fixed assets.

The acquisition will be funded from Penna's existing cash and working capital facilities.  The board of Penna expects the acquisition to be earnings enhancing (pre-exceptional costs) in the current financial year.

Barkers has achieved an industry leading position in digitally based recruitment communications and has become one of the UK's most successful recruitment project management consultancies.  Barkers also has a strong reputation in traditional print based recruitment advertising which is a key part of any recruitment campaign.

Commenting on the acquisition, Stephen Rowlinson, Chairman, said:

"I am very pleased that Penna's financial and management strength has allowed us to act quickly and effectively to make this acquisition and to ensure that there is no disruption of services to clients.

Barkers was placed into administration largely because the group had excessive debt and a number of onerous leases. However, the underlying business is sound and produced positive EBITDA in 2008.

Penna will continue Barkers' successful strategy of working closely with clients as they progressively transfer recruitment budgets from print to digital media.

The acquisition of Barkers consolidates Penna's position as a leading provider of a broad range of Human Resource services and is an important step in the implementation of our ambitious growth strategy."

This transaction is a substantial transaction under Rule 12 of the AIM Rules for Companies (the "AIM Rules").

This announcement is made in accordance with Rule 12 and Schedule Four of the AIM Rules.

For further information please contact:

Penna

Stephen Rowlinson, Chairman

+44 (0)771 00 23699

Gary Browning, Chief Executive

+44 (0) 20 7648 2448

David Firth, Finance Director

+44 (0) 20 7648 2423

Pelham PR

+44 (0) 20 7337 1519

Polly Fergusson

Zoe Pocock

Hawkpoint

+44 (0) 20 7665 4500

Graham Paton

Serge Rissi

Collins Stewart

+44 (0) 20 7523 8353

Adrian Hadden

Hawkpoint Partners Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as nominated adviser to Penna Consulting Plc and is acting for no-one else in connection with the acquisition referred to herein and will not be responsible to anyone other than Penna Consulting Plc for providing the protections afforded to clients of Hawkpoint Partners Limited nor for providing advice in connection with the acquisition or any other matter referred to herein.