Business
Result of General Meeting and Disposal of PPD
Result of General Meeting and Disposal of PPD.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \nRNS Number : 2823K Altitude Group PLC 13 July 2011 \n \n\n13 July 2011 \n \nAltitude Group plc\n(\"Altitude\" or the \"Company\")\n \nResult of General Meeting and Disposal of Promotional Products Division (the \"Disposal\")\n \nAltitude Group plc (AIM: ALT), the provider of information and technology services to the promotional products industry, announces that at the General Meeting held yesterday, shareholders of the Company approved the disposal of the Promotional Products Division (\"PPD\") to Stridage Holdings Limited (\"Stridage\"), a new company established to effect the purchase of the PPD. The number of proxy votes in favour was 15,759,157 and there were no proxy votes against.\n \nThe principal terms of the Disposal are as follows:\n \n· Consideration payable under the Sale and Purchase Agreement is £6.27 million, payable as follows:\no Cash consideration of £721,043\no Repayment of amounts due to the Company from Dowlis and AdProducts which are estimated to be in aggregate £1,547,352; and\no The issue of secured 2016 Loan Notes, of £4,000,000 (annual interest of the higher of 8 per cent. and two per cent. above base rate, payable monthly)\n \nThe Disposal allows resources and efforts to be entirely focused on the Company's technology and information offering. Further details on the reasons for the Disposal can be found in the announcement dated 23 June 2011.\n \nDefinitions in this announcement are consistent with those set out in the Circular issued to shareholders of the Company and dated 23 June 2011, a copy of which is available on the AIM Rule 26 Information page of the Company's website (www.altitudeplc.com).\n \n \nEnquiries: \n \nAltitude Group plc \nColin Cooke (Chairman) Tel: + 44 (0) 870 224 6677 \nMartin Varley (Chief Executive) UK Tel: + 44 (0) 7912 599 012 \n ...