Deferred Consideration and Issue of Equity (0480J)

TIDMEDD

RNS Number : 0480J

Education Development Intl PLC

24 June 2011

24 June 2011

EDUCATION DEVELOPMENT INTERNATIONAL PLC

ISSUE OF EQUITY AND TOTAL VOTING RIGHTS

DEFERRED CONSIDERATION PAYMENT BASED ON eNVQ REVENUE GROWTH

Education Development International plc ('the Company'), the leading provider of educational qualifications and assessment services, announces that it has today made a deferred consideration payment in respect of the acquisition of eNVQ Limited ('eNVQ') on 31 May 2007.

Under the terms of the purchase agreement, deferred consideration is payable on the basis of incremental revenue at the end of each of the four years following the acquisition.

Over the past 12 months, eNVQ revenues have increased by GBP156,296, 27 per cent. Under the terms of the purchase agreement, 25 per cent of this amount GBP39,074 is now payable to the vendors and will be the last payment to be made in respect of the deferred consideration for the acquisition of eNVQ. The consideration will be partly satisfied by the payment of GBP29,306 in cash with the balance of GBP9,768 payable through the issue of 4,884 new Ordinary Shares of 1p each in the Company, at a price of 200p, representing less than 0.01% of the Company's enlarged issued share capital.

The new Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in the Company. Application will be made for the new Ordinary Shares to be admitted to AIM at the earliest opportunity.

Following the issue of the new Ordinary Shares, the total issued share capital of the Company is 56,364,531.

For further information please contact:

 
 Education Development International   Walbrook PR Limited 
  plc 
 Nigel Snook - Chief Executive         Paul McManus/Paul Cornelius 
 Paul Bird - Finance Director          Tel: [phone] 
 Tel: [phone]                    Mob: [phone] 
 http://www.ediplc.com                 [e-mail] 
                                        [e-mail] 
 Brewin Dolphin Limited 
 Matt Davis / Iain Marlow 
 Tel: [phone] 
 

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