Business
Disposal of Subsidiary
Disposal of Subsidiary.
About this update from Yougov Plc
[{"type":"text","content":"\n RNS Number : 6862Y YouGov PLC 30 December 2010 \n \n\n30 December 2010\n \nYouGov plc\n \nDisposal of Subsidiary of YouGovPsychonomics AG\n \nYouGov plc, the online market research agency, announced today the disposal through amanagement buy-out of Great Place to Work Deutschland GmbH (\"GPW Germany\"), a wholly owned unit within YouGov's German subsidiary, YouGovPsychonomics AG.\n \nYouGov has agreed to sell GPW Germany to a management buy-out team comprising Andreas Schubert, currently Chief Executive of YouGovPsychonomics AG, who will hold the controlling interest and Frank Hauser, the Chief Executive of GPW Germany. A recruitment process is underway for a new CEO of YouGovPsychonomics to succeed Andreas Schubert following his move to GPW. \n \nThe gross purchase consideration for the shares in GPW Germany is approximately £800,000 payable in cash. At 31 July 2010, GPW Germany had net assets of £350,000. In the financial year to 31 July 2010, its revenues were £2.3 million and its profit before tax was £120,000. The sale proceeds will be used for working capital. \n \nSince Mr Schubert and Mr Hauser are directors of subsidiaries of YouGov plc, the disposal falls to be treated as a related party transaction under AIM Rule 13. Accordingly, the directors of YouGov plc, having consulted with Grant Thornton UK LLP (the Company's Nominated adviser) consider the terms of the disposal to be fair and reasonable insofar as its shareholders are concerned.\n \nGPW Germany specializes in employee research and consultancy in the field of workplace culture. The company organizes competitions and related publications in Germany for \"Best Companies to Work For\", under a license agreement with the Great Place to Work Institute, based in California. \n \nStephan Shakespeare, Chief Executive, YouGov plc commented: \"We are pleased to announce the sale of GPW Germany whose staff and clients will benefit from the business being owned by its management. This also allows YouGov further to focus our attention in Germany on our core and strategic market research business. Andreas Schubert has made a tremendous contribution to YouGovPsychonomics over the past ten years and we wish him and his team at GPW every success in the future.\" &nb...