Business
Stmnt re Avail Consulting Ltd
Stmnt re Avail Consulting Ltd.
About this update from Tribal Group Plc
[{"type":"text","content":"\n Tribal Group PLC\n05 April 2007\n\n\nTribal Group plc\n\nAnnouncement in respect of Avail Consulting Limited\n\nTribal Group plc ('Tribal') is pleased to announce the investment today the 5 \nApril by approximately half of the 43 employees of Avail Consulting Limited \n('Avail') in Avail, a company in which Tribal is and will remain the majority \nshareholder. Avail is a public sector consulting business, working with central \ngovernment and public sector bodies across the full range of public services and \nin key areas of policy.\n\nTribal established Avail in January 2004, with Martin Wilson and Robert Garner\nas minority shareholders. Avail has grown fast since its inception and its\noperating profits for the year ended March 2006 were £0.3 million and its gross\nassets were £1.57 million.\n\nIn order to enable Avail to continue to grow through the increased equity\nparticipation of its employees, 20 of them have today subscribed for new shares\nin Avail and purchased existing shares from Tribal, Martin Wilson and Robert\nGarner. The employees will be paying an aggregate of £204,000 for the Avail\nshares, £102,000 of which will be an investment in new shares in Avail. The\nAvail shares being subscribed and purchased by the employees represent in\naggregate six per cent. of the issued share capital of Avail and the total\nemployee participation, including Martin Wilson and Robert Garner and ten other\nexisting employee shareholders, represents 42 per cent.\n\nIf any of the new or existing employee shareholders wish at certain times in the\nfuture to sell their Avail shares, then Tribal has agreed, subject to certain\nconditions, to buy those shares at a market value price determined by reference\nto the performance of Avail at that time. Tribal Group plc is entitled to\nsatisfy the consideration on any such purchase by issuing new Tribal Group plc\nshares.\n\n\nCONTACT FOR QUERIES\n\nName: Richard Collins - Company Secretary, Tribal Group plc\n\nTelephone: 01285 886020\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange \n ","length":2313,"tagName":"div"}]