RNS Number : 1097D
11 May 2012
11 May 2012
SALE OF ISIS CONCEPTS LTD
RM plc ("the Group") issued a Trading Update and Strategic Review on 29 September 2011 stating that, after reviewing the Group's UK operations, the Board had decided to dispose of a number of business operations, including ISIS Concepts Limited ("ISIS"). Following an extensive marketing process through third party advisors, the sale of ISIS has now been completed on the terms set out below.
The sale of 100% of the issued share capital of ISIS to ISIS Concepts Holdings Ltd completed on 10 May 2012 for a purchase price of GBP205,000. ISIS Concepts Holdings Ltd is a new company formed by Nick Topliss. Nick Topliss owned ISIS prior to it being purchased by RM in 2009 and has acted as Managing Director of ISIS during the period of RM's ownership. Rob Sirs, former Managing Director of RM plc, is expected to invest in ISIS Concepts Holdings Ltd in the near future.
In the financial year to date, ISIS has been loss-making. RM has agreed to provide a short-term working capital loan facility of up to GBP850,000, secured on freehold property and other assets valued in excess of that figure.
This disposal completes the disposal programme announced in the Strategic Review.
Martyn Ratcliffe, Executive Chairman 08450 700300
Iain McIntosh, Chief Financial Officer
FTI Consulting 020 7831 3113
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