Business
Proposed Acquisition-Innecto People Consulting Ltd
Proposed Acquisition-Innecto People Consulting Ltd.
About this update from Personal Group Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1798P Personal Group Holdings PLC 06 February 2019 \n\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n\n\n\n\n \n\n\n \n\n\n\n\n \n \n \nPersonal Group Holdings Plc\n \n(\"the Company\" or \"the Group\")\n \nProposed Acquisition of Innecto People Consulting Limited\nProposed Board Changes\nProposed Subscription for New Ordinary Shares \nand\nNotice of General Meeting \n \n \nPersonal Group PLC, a leading provider of employee services in the UK, announces the conditional acquisition of Innecto People Consulting Limited (\"Innecto\"), a leading UK independent pay and reward consultancy, for a cash consideration of £3 million (subject to adjustment) (the \"Acquisition\"). Furthermore, the Company announces the proposed appointment of Deborah Frost, Non-Executive Director, as Chief Executive Officer of the Group with effect from completion of the Acquisition.\n \nA circular providing, amongst other things, details of the Acquisition is today being posted to Shareholders (the \"Circular\"), together with a notice of General Meeting and Form of Proxy. These documents will be made available on the Company's website at www.personalgroup.com.\n \nHighlights \n· Deborah Frost to be appointed Chief Executive Officer of Group \n· Acquisition of Innecto for a cash consideration of £3 million (subject to adjustment)\n· Acquisition expected to be immediately earnings accretive \n· Vendors of Innecto, Deborah Frost and Justine Woolf, to subscribe for new ordinary shares in the Company\n· General Meeting to be held on 27 February 2019 to approve the Acquisition as a \"substantial property transaction\" for the purposes of section 190 of the Companies Act 2006\n \nMark Winlow, Chairman, commented:\n\"We are delighted to welcome Deborah as Personal Group's new Chief Executive. Her wealth of experience in the reward and performance sector, as well as her contribution to the Board since 2015, mean she is well-placed to lead the Company through the next stage of its development. I would like to than...