Last checked at 21 Jul 2008 11:54
Tribal Group plc ("the Company")
Announcement in respect of Tribal TGC Limited
Tribal Group plc ("Tribal") announces that pursuant to a shareholders' agreement dated 1 August 2003 relating to Tribal TGC Limited ("TGC"), a company in which Tribal is and will remain the majority shareholder, a number of TGC employees will be selling shares in TGC to Tribal.
TGC is a public sector consulting business specialising in the provision of professional consultancy services to UK central government.
Pursuant to the shareholders' agreement, employee shareholders of TGC can at certain times sell their TGC shares and Tribal has agreed, subject to certain conditions, to buy those shares. Tribal is entitled to satisfy the consideration on any such purchase by cash or issuing new Tribal Group plc shares.
Seven TGC employee shareholders have served transfer notices, including five who are directors of TGC. These employee shareholders will receive half of the consideration in cash (£793,730 in aggregate) and half by the issue of a total of 597,909 Tribal Group plc shares, which they are required to hold for a minimum period of twelve months. The TGC shares being sold represent in aggregate 27 per cent of the issued share capital of TGC and the remaining employee participation represents 6.8 per cent.
Application will be made for the admission of 597,909 Ordinary Shares of 5p each in Tribal ("New Tribal Shares") to the Official List of the UK Listing Authority and to trading on the London Stock Exchange ("Main Market"). It is expected that the New Tribal Shares will commence trading on the Main Market on 25 July 2008. The New Tribal Shares will rank pari passu in all respects with the existing ordinary shares of 5p each in Tribal.
Contact for queries:
Richard Collins
Group Company Secretary
Tribal Group plc
Telephone: 020 7323 7110