Tribal Group PLC
05 April 2007
Tribal Group plc
Announcement in respect of Avail Consulting Limited
Tribal Group plc ('Tribal') is pleased to announce the investment today the 5
April by approximately half of the 43 employees of Avail Consulting Limited
('Avail') in Avail, a company in which Tribal is and will remain the majority
shareholder. Avail is a public sector consulting business, working with central
government and public sector bodies across the full range of public services and
in key areas of policy.
Tribal established Avail in January 2004, with Martin Wilson and Robert Garner
as minority shareholders. Avail has grown fast since its inception and its
operating profits for the year ended March 2006 were £0.3 million and its gross
assets were £1.57 million.
In order to enable Avail to continue to grow through the increased equity
participation of its employees, 20 of them have today subscribed for new shares
in Avail and purchased existing shares from Tribal, Martin Wilson and Robert
Garner. The employees will be paying an aggregate of £204,000 for the Avail
shares, £102,000 of which will be an investment in new shares in Avail. The
Avail shares being subscribed and purchased by the employees represent in
aggregate six per cent. of the issued share capital of Avail and the total
employee participation, including Martin Wilson and Robert Garner and ten other
existing employee shareholders, represents 42 per cent.
If any of the new or existing employee shareholders wish at certain times in the
future to sell their Avail shares, then Tribal has agreed, subject to certain
conditions, to buy those shares at a market value price determined by reference
to the performance of Avail at that time. Tribal Group plc is entitled to
satisfy the consideration on any such purchase by issuing new Tribal Group plc
shares.
CONTACT FOR QUERIES
Name: Richard Collins - Company Secretary, Tribal Group plc
Telephone: 01285 886020
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