Learning Technologies Group PLC New supplier agreement with RWS Holdings plc (5029R)
12 December 2016 - 7:00AM
UK Regulatory
TIDMLTG
RNS Number : 5029R
Learning Technologies Group PLC
12 December 2016
12 December 2016
Learning Technologies Group plc
("LTG" or the "Company")
(AIM: LTG)
Related party transaction:
New supplier agreement with RWS Holdings plc
As set out in the Admission Document at the time of LTG's
re-admission to AIM in November 2013, LTG historically purchased
translation services from RWS Holdings plc ("RWS") and has
continued to do so, since that time, on arms length commercial
terms.
As also set out in the Admission Document, Andrew Brode,
Non-executive Chairman of LTG, is also Chairman of and a
substantial shareholder in RWS and, therefore, such arrangements
represent a related party transaction. In addition, Andrew Brode
and Jonathan Satchell, Chief Executive, comprise a concert party by
virtue of their shareholdings in LTG. Jonathan Satchell and Andrew
Brode together hold 51.86% of the Company's issued share capital.
The other directors of LTG (the "Independent Directors") are
outside of this concert party.
In accordance with good corporate governance, supplier
arrangements are reviewed from time to time. As part of this
process, the Independent Directors have undertaken a review of the
supply of translation services and has asked four leading
translation providers, including RWS, to tender for this work.
Following the review, RWS has been selected to continue providing
translation services under a new three year contract.
The Independent Directors consider, having consulted the
Company's nominated adviser, that the terms of the transaction are
fair and reasonable insofar as LTG's shareholders are concerned, in
accordance with AIM Rule 13.
Enquiries:
Learning Technologies Group
plc
Jonathan Satchell, Chief
Executive
Neil Elton, Group Finance +44 (0)20
Director 7402 1554
Numis Securities Limited
Stuart Skinner / Michael
Wharton (Nominated Adviser) +44 (0)20
Ben Stoop (Corporate Broker) 7260 1000
Hudson Sandler Limited +44 (0)20
Cat Valentine / Bertie Berger 7796 4133
This information is provided by RNS
The company news service from the London Stock Exchange
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December 12, 2016 02:00 ET (07:00 GMT)