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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Hat Pin | LSE:HTP | London | Ordinary Share | GB0030348576 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 33.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Disposal and Board Change Hat Pin plc ("Hat Pin") Sale of The Talent Business and Board change Hat Pin, the international human resources group, today announces the sale of The Talent Business for a cash consideration of £1.5m, potentially rising to £2.5m over the next two years. The sale follows the announcement on 21 January 2008 that Group profitability for the previous year had been materially impacted by the poor second half performance of The Talent Business. The Hat Pin Board has concluded that the optimum route to create shareholder value is to: * continue its strategy of diversifying group revenue streams, * grow its profitable businesses - Akamai Financial Markets, Executive Access and Saxton Bampfylde, and * dispose of The Talent Business. The Board is pleased to have reached agreement to sell The Talent Business to its former Chief Executive, Gary Stolkin, for an initial cash consideration of £1.5m. An additional amount of £1.0m is payable over the next two years subject to certain performance criteria. The original Hat Pin operating company and formerly known as Kendall Tarrant Worldwide, The Talent Business is a specialist in marketing communications talent, with six offices around the world. In its unaudited accounts for the year ended 31 December 2007, The Talent Business reported an operating profit of £30,000 on a turnover of £5.4m. As at 31 December 2007, The Talent Business had net assets of £1.01m. Hat Pin will recognise a loss on disposal of around £1.9m in its 2007 statutory accounts. This will have no impact on the Group's cash position. The net proceeds received from the disposal will be used to reduce Hat Pin's current bank indebtedness and to grow its profitable businesses. Due to the involvement of the former CEO of The Talent Business, Gary Stolkin, the disposal constitutes a related-party transaction under the AIM Rules of the London Stock Exchange. The Directors of Hat Pin consider, having consulted with Hat Pin's Nominated Adviser, Arden Partners plc, that the terms of the Disposal are fair and reasonable insofar as the shareholders of Hat Pin are concerned. Hat Pin also announces today the resignation from the Board of Michael Brennan, currently Chairman of The Talent Business, with immediate effect. Commenting on developments, Angela Campbell-Noë, Chief Executive of Hat Pin plc, said: "Today's disposal gives Hat Pin a more focused platform from which to continue its growth strategy and the Group is also now strongly positioned to enhance further its existing operations. "Additionally, I would like to thank Mike for all his efforts on behalf of the Group and we wish him well." ENDS For further information: Hat Pin plc +44 (0)20 7438 8600 Terry Hitchcock, Non-Executive Chairman Angela Campbell-Noë, Chief Executive Paul Billett, Finance Director Arden Partners plc +44 (0)12 1423 8943 Steve Douglas The Hogarth Partnership +44 (0)20 7357 9477 Julian Walker - ---END OF MESSAGE---
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