Business
Conditional Disposal of IVA B
Conditional Disposal of IVA B.
About this update from Acg Metals Limited Class A
[{"type":"text","content":"\n RNS Number : 5893R Accuma Group PLC 01 May 2009 \n \nAccuma Group plc ('Accuma' or 'the Company')\nConditional Disposal of IVA Books for £5.6 million\n \nAccuma Group plc announces that it has, following a strategic review of its operations, conditionally disposed of the Individual Voluntary Arrangement ('IVA') book of Wilson Phillips Limited and the IVA book of Accuma Insolvency Practitioners Limited (together the 'IVA Books').\nOn 30 April 2009 the Company and each of Wilson Phillips Limited and Accuma Insolvency Practitioners Limited entered into a conditional agreement to sell the respective IVA Books to Grant Thornton UK LLP ('Grant Thornton') for an aggregate consideration of £5.6 million ('the Disposals'), representing a premium to the market capitalisation of Accuma on 30 April 2008 of approximately 93 per cent. \nA deposit equal to 5 per cent. of the aggregate consideration has been paid by Grant Thornton with the balance of the consideration being payable in cash on completion of the transaction, which is subject to a long-stop date of 5 June 2009.\nThe Disposals are deemed to be a disposal resulting in a fundamental change of business for the purposes of Rule 15 of the AIM Rules for Companies and therefore are conditional on approval from shareholders of the Company ('Shareholders'). The Company intends to post a circular to shareholders ('the Circular') seeking such approval and it is expected that the Circular will be posted by 14 May 2009, convening a general meeting ('GM') to be held on or around 1 June 2009. \nThe Company intends to announce its preliminary results for the year ended 31 December 2008 in the week commencing 25 May 2009. A detailed trading update will be announced on the posting of the Circular.\nInformation on the IVA books \nThe unaudited turnover of Wilson Phillips Limited and Accuma Insolvency Practitioners Limited ('the IVA Businesses') for the year ended 31 December 2008 is approximately £5 million, upon which the operating profit is approximately £1 million, before provisions. The net assets of the IVA Businesses at 31 December 2008, including inter-compan...