Business
Proposed disposal of AdProducts
Proposed disposal of AdProducts.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 5397G\n Altitude Group PLC\n 18 March 2020\n \n \n \n \n 18 March 2020\n \n \n Altitude Group plc \n \n \n (the \"Company\" or \"Altitude\") \n \n \n \n \n \n Proposed disposal of the trade and certain assets of AdProducts \n \n \n \n \n \n Notice of General Meeting \n \n \n \n \n \n and \n \n \n \n \n \n Directorate Change\n \n \n \n \n \n Altitude Group Plc (AIM: ALT), the operator of the leading marketplace for personalised products, today announces the Company's wholly owned subsidiary Customer Focus Interactive Imaging Limited (\"CFIIL\") has entered into a conditional agreement with Product Source Group Limited (\"PSG\") for the disposal of the trade and certain assets of AdProducts (\"ADP\"), the trading name of CFIIL and a UK based trade supplier and printer of promotional products (the \"Disposal\").\n \n \n \n \n \n As the Disposal will require shareholder approval a shareholder circular together with a Notice of General Meeting (the \"Notice\") and associated form of proxy will be sent to shareholders today and will be made available on the Company's website at \n www.altitudeplc.com\n . The General Meeting will be convened at finnCap Ltd, 60 New Broad Street, London EC2M 1JJ at 11.00 a.m. on 3 April 2020. \n \n \n \n \n \n Highlights\n \n \n \n \n \n · \n Total maximum consideration of £0.8 million made up as follows: \n \n \n o \n £0.35 million in cash on completion; \n \n \n o \n £0.3 million receivable in 4 tranches over the 12-month period following completion,\n s\n ubject to a personal guarantee of Martin Varley; and\n \n \n o \n £0.15 million conditional deferred consideration with performance criteria based on ADP revenue generation in the 12-month period following completion.\n \n \n \n \n \n · \n In addition, the Company expects to realise further cash of circa £0.4m from the unwind of retained ADP working capital not included in the disposal. \n \n \n \n \n \n · \n The Company will use the proceeds from the Disposal to continue to invest in the AIM Smarter business in the United States where the Company continues to focus on engagement with, and service provision to, both sides of the AIM Smarter marketplace. \n \n \n \n \n \n · \n PSG was created to acquire the assets of ADP and othe...