Business
Further Sale Consideration
Further Sale Consideration.
About this update from Cloudcoco Group Plc
[{"type":"text","content":"\n Glen Group PLC\n19 March 2008\n\n\n19 March 2008\n Glen Group plc\n ('Glen' or 'the Company')\n\n Further Sale Consideration\n\nOn 7 January 2008, the Company announced the completion of the sale of the \nbusiness and assets of each of Eclectic Group Limited and I G Software Limited\nto Maxima Information Group Limited, a wholly owned subsidiary of Maxima \nHoldings plc, and the receipt by the Company of the initial sale proceeds of \n£2.25m. The Company has today received the second and final payment of the \nsale consideration being the maximum additional consideration receivable of \n£750,000, less an adjustment in the sum of £278,342 in respect of deferred \nincome, prepaid and accrued costs as at 31st December 2007, the date of \ntransfer of the trade and assets of the two businesses. The net sum received \nhas been calculated in accordance with the terms of the sale and purchase \nagreement.\n\nThe gross sale price of £3.00m represents a value per issued Ordinary Share \nof 0.251p. This equates to a premium of 195.3% compared to the closing middle \nmarket price on 18 March 2008 of 0.085p, which valued the entire Glen group, \nincluding the businesses not sold, at £1,014,985.\n\nCommenting today Graham J Duncan, Chief Executive Officer stated:\n\n'I am delighted that the maximum additional sale consideration has been achieved\nwhich is a direct reflection of both the quality of the customer base and the\nskill set of the consulting team. These additional funds will be applied towards\nthe continuing development of the Company.'\n\nEnquiries:\n\nGlen Group plc\nGraham J Duncan, Chief Executive Officer Tel: 0845 119 2100\n\nJonathan Wright\nSeymour Pierce Tel: 020 7107 8000\n\nPelham PR\nAlex Walters \n Tel: 020 3170 7435\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2313,"tagName":"div"}]