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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Wyatt Group | LSE:WYT | London | Ordinary Share | GB0030320112 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4289O Wyatt Group PLC 21 February 2008 Wyatt Group Plc - Disposal of Risksmart debtor book Wyatt Group Plc ("Wyatt") announced on 21 December 2007 that it was reviewing its position regarding one of its operating subsidiaries, Risksmart Limited ("Risksmart"). Risksmart provides on-line fire risk assessment solutions for small and medium sized businesses. The most recently audited report and accounts, covering the 12 months to 31 March 2007, show Risksmart making a loss before tax of £70,038 on sales of £1,160,325 and having net liabilities of £1,344,905. Wyatt subsequently announced on 1 February 2008 the sale of the trade and selected assets of Risksmart Limited to Risksmart Services Limited, a company owned and run by the existing management team ("the MBO"). In addition to the MBO, Wyatt today announces that it has agreed to sell the Risksmart debtor book to Risksmart Services Limited ("the Transaction"). The consideration for the Transaction is £100,000 payable in installments (being the higher of (i) £8,333 or (ii) one half of the monthly collections per calendar month up to a maximum of £100,000 in total) over a maximum period of 12 months plus an additional 25% of all receipts collected in excess of £100,000. It is expected that the proceeds of the Transaction will be invested in the continued expansion of the Group's core business. As at the date of the last interim results (30 September 2007), the book value of the Risksmart debtor book was approximately £390,021. The Directors feel that despite the consideration being below the book value of the debt sold the consideration is fair as the book debt sold has a very poor ageing profile. Furthermore the disposal of the debt means that management can now concentrate fully on growing the core business of the Group rather than on peripheral activities such as debt collection in a subsidiary that is no longer trading. Peter Wilson, who was a director of Risksmart within the last 12 months, is a director of Risksmart Services Limited and therefore the Transaction is classified under the AIM Rules as a related party transaction. The Directors of Wyatt having consulted with their nominated adviser, Blue Oar Securities Plc, consider that the terms of this transaction are fair and reasonable insofar as the Company's shareholders are concerned. Enquiries: Wyatt Group PLC www.wyattgroup.co.uk Bob Holt, Chairman 07778 798 816 David Curtis, Finance Director 0845 450 9110 Blue Oar Securities Plc www.blueoarsecurities.co.uk John Wakefield / Marc Davies 0117 933 0020 This information is provided by RNS The company news service from the London Stock Exchange END DISSELFWSSASESE
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