XCH.L Regulatory News (XCH)

2 Apr 2009 08:52



Update on Acquisition

Further to the announcement of the appointment to the board of Cambridge Solutions Limited ("CSL") of David Andrews and Richard Houghton dated 13 January 2009, Xchanging plc ("Xchanging") announces that it has acquired approximately 18% per cent (1) of the fully diluted share capital of CSL pursuant to the public open offer and will acquire 57% of the fully diluted share capital pursuant to the Sale and Purchase Agreements dated 3 October 2008. Completion of the acquisition of the shares in CSL under the Sale and Purchase Agreements has been delayed from the previously announced anticipated completion date of 2 April 2009 to allow for transfer formalities to be completed in India. It is expected that completion will occur shortly and a further announcement will be made at that time. As a result, the admission of 15,249,998 ordinary shares of 5p each in Xchanging (the "Shares")(which were to be issued as part consideration under the Sale and Purchase Agreements) to the Official List and to trade on the London Stock Exchange as announced on 1 April 2009 has been delayed pending completion of the Sale and Purchase Agreements. Further application will be made to the UK Listing authority with regards to the admission of the Shares.

Gary Whitaker

Company Secretary

Xchanging plc

2 April 2009

Contact for queries: 

Gary Whitaker, Company Secretary +44 (0) 20 7780 6999 

Note: Xchanging plc is a fast growing international, pure play business processing company with blue chip customers. Xchanging provides complex industry specific processing to the banking and insurance industries and procurement, finance and accounting and human resources services to customers across industries. www.xchanging.com

(1) Subject to completion of the outstanding Indian legal formalities in relation to 996,013 of the equity shares of Cambridge Solutions acquired in the open offer (equating to approximately 1% of the fully diluted share capital of CSL). It is currently expected that these formalities will be completed and these shares received into Xchanging's dematerialised share account on 4 April 2009 or soon after.