Access Intelligence PLC Disposal of Willow Starcom Limited (8592K)
April 21 2015 - 08:00AM
UK Regulatory
TIDMACC TIDMKBT
RNS Number : 8592K
Access Intelligence PLC
21 April 2015
FOR RELEASE
21 April 2015
ACCESS INTELLIGENCE PLC
("Access Intelligence" or "the Group")
Disposal of Willow Starcom Limited
Access Intelligence Plc (AIM: ACC), a leading supplier of
Software-as-a-Service (SaaS) solutions for the full life cycle
management of a company's governance, risk and compliance,
announces that it has today disposed of its wholly owned subsidiary
Willow Starcom Limited ("Willow") to K3 Hosting Limited ("K3"), a
wholly owned subsidiary of K3 Business Technology Group plc, for an
aggregate consideration of GBP1.75 million.
Terms of the Disposal
Willow was established in 1990 as a provider of specialist IT
services delivering data management and security solutions,
hardware and software support and a range of managed services.
Access Intelligence has entered in to a Share Purchase Agreement
with K3 to sell the entire issued share capital of Willow for
GBP1.75 million (on a debt free/cash free basis). Access
Intelligence has funded Willow's satisfaction of certain staff
settlement agreements as part of the transaction amounting to
GBP0.46 million.
The consideration was paid wholly in cash upon completion today
save for a retention of GBP75,000, which will be released by no
later than 5 January 2016, subject to satisfying certain post
completion matters.
For the year ended 30 November 2014, Willow contributed revenue
of GBP2.66 million, EBITDA of GBP0.37 million and a profit before
tax of GBP0.1 million. The total value of the Net Assets being
disposed of as at 30 November 2014 was GBP0.9 million.
Use of Proceeds
The net proceeds (after allowing for costs and the staff
settlement agreements and following receipt of the retention
payment), amounting to approximately GBP1.2 million, will provide
additional working capital to support the growth and development of
the Group.
Commenting on the transaction, Michael Jackson, Chairman,
said
"The divestment of Willow from the Group is in line with the
Group's strategic focus as a Software-as-a-Service provider. We
would like to thank Mark Berry and Darren Harrison, as well as the
rest of the team at Willow, for their valuable contribution to the
Group and wish them and K3 every success in the future"
For further information:
Access Intelligence plc 0843 659 2940
Michael Jackson (Non-Executive Chairman)
Joanna Arnold (CEO)
Sanlam Securities UK Limited (Nominated Adviser & Broker) 020 7628 2200
Simon Clements
This information is provided by RNS
The company news service from the London Stock Exchange
END
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