Tribal Grp. Regulatory News (TRB)

16 Oct 2007 15:46

Tribal Group PLC16 October 2007 16 October 2007Tribal Group plc Acquisition of outstanding minority interest in Sportsvine Holdings Limited Tribal Group plc ("Tribal") is pleased to announce that it has today acquiredthe 49% minority shareholding in Sportsvine Holdings Limited ("Sportsvine") notalready held by Tribal. Sportsvine is an educational services supplier that specialises in providinglearning materials, assessment tools and turnkey learning solutions to FEcolleges, training providers and employers. It forms part of the Learning andPublishing business within Tribal Education. Prior to this transaction, Tribalowned 51 per cent of Sportsvine, with the balance held by its management, GerryConnolly and Tony Outhart, who are both directors of Sportsvine, and havemanaged and developed Sportsvine's business since it was founded in January1997. Tribal is acquiring all of the minority shares in Sportsvine for a total initialconsideration of £1.5 million, plus a further consideration, to be calculatedand paid in May 2008, which will be dependent on Sportsvine's profit,performance and cash balances for the 12 months to 31 March 2008. The total ofthe initial and further consideration payable is capped at £6.0m. Allconsideration will be paid in cash. As at 31 March 2007, Sportsvine had gross assets of £2.0m, generated revenue of£2.1m and made an operating profit of £1.1m. Tribal believes that this transaction will benefit the group by accelerating theintegration and rebranding of Sportsvine within its Education business. It isexpected that the transaction will be modestly earnings enhancing for Tribal in2007 and 2008. Contact for queries: Tribal Group plcPeter Martin, Chief Executive Tel: 020 7323 7110Simon Lawton, Group Finance Director Maitland Tel: 020 7379 5151Anthony SilvermanColin Browne Notes: Tribal Group plc ("Group") provides a range of consultancy, support and deliveryservices to the UK public sector. The Group's core markets are in education;communities (local government, housing and regeneration); health and centralgovernment. This information is provided by RNS The company news service from the London Stock Exchange