Business
Acquisition of minority inter
Acquisition of minority inter.
About this update from Tribal Group Plc
[{"type":"text","content":"\n RNS Number : 3170E Tribal Group PLC 17 December 2009 \n \nTribal Group plc\n\nAcquisition of minority interests of Tribal HELM\n\nTribal Group plc (\"Tribal\"), a leading provider of professional services to the public sector in the UK and internationally, is pleased to announce the acquisition of all of the minority interests in its subsidiary, Tribal HELM Corporation Limited (\"Tribal HELM\") for £6.3m. Tribal HELM is now wholly-owned by Tribal and its UK and international activities will form part of Tribal's new Government Services business stream. \n\nTribal HELM is a leading consulting business providing management and financial consultancy services to the public sector in the UK and internationally. Tribal acquired a majority interest in Tribal HELM in June 2008. The business is based in Northern Ireland and operates in the UK and worldwide. It has been established for over 17 years, and employs 70 staff and works with approximately 60 active associates. \n\nAll of Tribal HELM's employee shareholders have served transfer notices which have been accepted by Tribal, including two who are directors of Tribal HELM. These employee shareholders will receive £4.4m in cash and £1.9m to be satisfied by the issue of a total of 2,583,750 Tribal shares (\"New Tribal Shares\"), which they are required to hold for a minimum period of twelve months. The Tribal HELM shares being sold represent in aggregate 26 per cent of its issued share capital.\n\nThe senior management team will all remain with the business.\n\nTribal HELM has demonstrated strong growth in recent years. For the nine months ended 31 December 2008, the company delivered turnover of £12.5m, operating profit of £2.2m and had gross assets of £8.8m.\n\nApplication will be made for the admission of the New Tribal Shares to trading on the Main Market of The London Stock Exchange (\"Main Market\"). It is expected that the New Tribal Shares will commence trading on ...