Business
AGM Statement
AGM Statement.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n Glen Group PLC\n13 February 2006\n\n\n Glen Group plc\n ('Glen or the Group')\n\n AGM Statement\n\nAt the first Annual General Meeting of Glen Group plc, held today, Chairman Eric\nHagman CBE made the following comments on current trading:\n\n'As we announced in January, the acquisition of Eclectic, which we expect will\nbe completed on Wednesday when the new ordinary shares, issued pursuant to the\nplacing and the acquisition, are admitted to trading on the AIM market of the\nLondon Stock Exchange, marks a significant step in our ambitions to grow into a\npowerful player in the added value information technology and communications\nsector. Eclectic gives us a valuable foothold in the corporate market and in the\nprovision of specialised services to a blue chip client base.\n\nThe Group, as we have previously reported, is currently loss making as a result\nof the continuing investment in the expanded sales force. As a value added\nreseller, the number of sales people employed coupled with the success of each\nsales person in delivering a meaningful contribution to the business has a\ndirect impact on profitability and we believe this remains critical to the\nsuccess of the business. Since the year end, trading has been in line with\nexpectations. Since its year end on 31 July 2005, Eclectic Group has been\ntrading profitably on an accumulated basis and trading is in line with\nexpectations\n\nThe combined Glen and Eclectic teams have strong operational, sales and\nmanagement experience, and we believe this will drive continued growth both\norganically and if appropriate through further acquisitions.\n\nThe Company will issue an update on trading in March.'\n\n 13 February 2006\n\nEnquiries:\n\nGlen Group plc\nGraham J Duncan, Chief Executive Tel: 0845 119 2110\n\nCollege Hill\nAlex Walters Tel: 0207 457 2020\nCorinna Dorward\n\nNotes to Editors\n\nGlen Group plc, is an Edinburgh based value added reseller of integrated IT and\ncommunication services. On 20 January 2006 it announced that it had agreed to\nacquire Eclectic Holdings Limited ('Eclectic'), for an initial consideration in\ncash and shares of £2,212,500. An additional consideration of up to £787,500 is\npayable dependent on adjusted results of Eclectic for their year ended 31 July\n2006. Financing of the deal has been arranged through a placing of 250,000,000\nsha...