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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Interquest | LSE:ITQ | London | Ordinary Share | GB00B07W3X22 | 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% | 13.00 | 10.00 | 16.00 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Dec 2019 to Dec 2024
TIDMITQ
RNS Number : 6196R
InterQuest Group PLC
22 September 2017
InterQuest Group plc
("InterQuest" or "the Group")
Interim Results
InterQuest Group plc (AIM: ITQ), the specialist recruitment business operating in the 'new digital economy', announces its unaudited interim results for the six months ended 30 June 2017.
Financial highlights
-- Revenue down 6% to GBP69.1m (2016: GBP73.8m)
-- Net Fee Income ("NFI") increased 2% to GBP11.2m (2016: GBP11.0m)
-- NFI from permanent placements increased 34% to GBP5.1m (2016: GBP3.8m)
-- NFI from temporary contract placements decreased 15% to GBP6.0m (2016: GBP7.1m)
-- Adjusted PBT* down 23% to GBP1.0m (2016: GBP1.3m)
-- Like for like PBT* excluding Rees Draper Wright down 62% to GBP0.5m (2016: GBP1.3m)
-- Net profit of GBP0.2m (2016 after goodwill impairment of GBP3.2m: GBP2.4m loss)
-- Diluted adjusted earnings per share 2.2 pence (2016: 3.0 pence)
-- Basic earnings per share of 0.5 pence (2016: 6.7 pence loss)
-- Net cash generated in operating activities GBP3.0m (2016: net cash used GBP2.9m)
-- Net debt, consisting of our working capital facility net of cash balances held, decreased during the period to GBP3.3m (2016: GBP9.9m)
-- No interim dividend paid (2016: 0.5 pence)
*Adjusted for share based payment charge, amortisation, impairment and non-recurring items
Operational highlights
-- The average permanent fee per placement, excluding the higher value fees earned from the executive search division, has increased by 7% to GBP7.3k (2016: GBP6.8k) through emphasizing the development and placement of senior relationships and roles.
-- The Group has added a further significant client in the Solutions division. Net Fee Income earned through Solutions clients increased by 14% to GBP1.9m (2016: GBP1.6m).
-- The Group increased its bank facility to GBP24m (2016: GBP20m) and reduced banking costs with a new banking arrangement agreed through HSBC.
Chris Eldridge, Chief Executive Officer, commented: "The Group has generated profit before tax, share based payments and non-recurring costs of GBP1m, a reduction from GBP1.3m in the same period in 2016. Like for like profit before tax, share based payments and non-recurring costs, excluding Rees Draper Wright acquired in August 2016, amounted to GBP0.5m a reduction of 62%. The Group continues its transformation programme at ECOM which has seen the division's profits grow marginally in the period following a non-cash impairment charge of GBP3.2m in the prior year due to a significant reduction in profitability. The financial services, analytics, networks and public sector have seen a decline in demand compared to the prior period which has impacted our results for the year. We have added a further client to our Solutions business and we continue to develop our business geographically focusing on higher margin opportunities as evidenced by the fact that our contract recruitment margins and average permanent placement fees have increased during the period.
Gary Ashworth, Chairman, commented: "The Group's results for the first half of 2017 continue to reflect the challenging nature of the UK staffing business during the ongoing Brexit uncertainty and are below our expectations. Rees Draper Wright has given the Group a platform to expand into the US market and we have invested in that market by expanding the InterQuest offering into our New York office. A structural change in the senior management at the end of 2016 and early 2017 has meant further restructuring of certain divisions which will take some time to develop but which we estimate will contribute to profits in the medium and long term.
On behalf of the Board I would like to thank all of my colleagues across the Group for their contribution to the transformation and for their commitment to the future success of the Group."
This announcement contains inside information for the purposes of Regulation (EU) No 596/2014.
Enquiries:
Chris Eldridge, Chief Executive Officer +44 (0)20 7025 0100 David Bygrave, Chief Financial Officer +44 (0)20 7025 0100
Chief Executive's Review
Our customers continue to adapt to the transformative nature of the digital economy, willing to consider digital solutions in almost every aspect of their business process. Every industry has been affected and InterQuest is delivering solutions to staffing needs in mainstream and disruptive tech companies, as well as aviation and mining among many others that need permanent and contract recruitment in the areas of digital design, cyber security, digital networks, analytics, change management and other high end niche skills sets.
Market demand for these skills is increasing and continues to outstrip supply with the Group's resourcing talent specialising in finding and delivering skilled candidates for its customers. Key to resourcing these critical experienced individuals is the Group's award winning marketing function for candidates which generates information and encourages debate for customers and candidates alike.
The Group's contractor numbers were affected in 2016 and continued into 2017 by a reduction in demand in financial services post Brexit and also in the public sector which saw a further squeeze from the public purse. Action has been taken to refocus these businesses and gradual signs of recovery are already being seen in the public sector business. In 2017 the Group has engaged new senior management in additional areas affected by the lower contractor levels, namely analytics, telecommunications and other niche sectors.
The Group continues to invest in learning and development for our staff resulting in an improvement in retention rates.
During the first half of the year the Group has expanded the Rees Draper Wright office in New York to incorporate staff from InterQuest focused on opportunities in digital design, analytics, risk and cyber security. The Group also leased a new headquarters building in London with the ability to seat approximately 130 staff and staff from the three offices in London are gradually moving there as the refurbishment allows.
The non-recurring costs incurred by the Group in the defence of the bid by Chisbridge Limited amounted GBP0.5m.
On entering the second half of 2017 the business has become more heavily weighted towards fees from permanent placements with 46% of Net Fee Income being generated from permanent placement fees (2016: 35%). Permanent placement fees are, by their very nature, more volatile, particularly in the higher value search business.
Like for like average permanent recruitment fees were 7% higher in the first half of 2017, excluding the impact of the executive search division which has significantly higher than normal average permanent fees. Contract recruitment margins for professional recruitment deals (those at margins over 12%) increased from 17.6% in 2016 to 18.0% in 2017 although the volume decreased, with net fee income from these contractors declining by GBP1m compared to 2016. Contract recruitment margins on all deals (excluding payroll) decreased to 12.8% from 13.2%.
The Group's policy of not declaring a dividend until EBITDA is at least twice the net debt of the Group means that no interim dividend has been declared (2016: 0.5 pence).
The trading performance in the first half of 2017 was disappointing but masks further operational progress made across a number of our key developmental objectives including growing our managed service business, enhancing the Group's learning and development capability, improving retention, enabling increased levels of cross selling and preparing for international expansion. However, the Group is conscious of the continued economic uncertainty in the UK and continues to progress its plans keeping them sufficiently responsive to further changes in market conditions.
I thank all our colleagues across the InterQuest Group for their exemplary determination to meet the needs of our customers and those of the Group.
Chris Eldridge, Chief Executive Officer
22 September 2017
Unaudited condensed consolidated interim statement of comprehensive income
Hot Features
Premium
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 69,079 73,770 143,610
Cost of sales (57,901) (62,816) (121,863)
------------ ------------ ---------------
Gross profit 11,178 10,954 21,747
Amortisation (202) (172) (345)
Other administration
costs (9,827) (9,341) (18,154)
------------ ------------ ---------------
Total administrative
expenses (10,029) (9,513) (18,498)
------------ ------------ ---------------
Operating profit before
non-recurring items 1,149 1,441 3,249
Impairment 8 - (3,152) (3,152)
Acquisition costs - - (28)
Share based payment
charge (35) (272) (212)
Other non-recurring
items 5 (580) (34) (284)
------------ ------------ ---------------
Operating profit/(loss) 534 (2,017) (427)
Finance costs (130) (178) (312)
------------ ------------ ---------------
Profit/(loss) before
tax 404 (2,195) (739)
Income tax expense 6 (206) (214) (505)
------------ ------------ ---------------
Profit/(loss) for
the period/year 198 (2,409) (1,244)
Profit/(loss) and
total comprehensive
income/(expense) for
the period/year 198 (2,409) (1,244)
============ ============ ===============
Attributable to:
Owners of the parent 188 (2,436) (1,297)
Non-controlling interests 10 27 53
------------ ------------ ---------------
Total comprehensive
income/(expense) for
the period/year 198 (2,409) (1,244)
============ ============ ===============
Earnings per share:
Pence Pence Pence
Basic earnings/(loss)
per share 0.5 (6.7) 3.4
============ ============ ===============
Diluted earnings/(loss)
per share 0.5 (6.5) 3.3
============ ============ ===============
All results for the Group are derived from continuing operations in the current and prior periods.
The accompanying notes form an integral part of this unaudited condensed consolidated interim report.
Unaudited condensed consolidated interim statement of financial position
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and
equipment 402 533 480
Investments - - 60
Goodwill 16,596 15,715 16,596
Other intangible assets 685 827 887
Total non-current
assets 17,683 17,075 18,023
------------ ------------ --------------
Current assets
Trade and other receivables 25,519 31,967 25,978
Cash and cash equivalents 1,622 807 1,541
------------ ------------ --------------
Total current assets 27,141 32,774 27,519
------------ ------------ --------------
Total assets 44,824 49,849 45,542
------------ ------------ --------------
LIABILITIES
Current liabilities
Trade and other payables (17,158) (17,293) (14,828)
Borrowings 9 (4,950) (10,752) (7,094)
Current tax payable (455) (1,030) (1,218)
------------ ------------ --------------
Total current liabilities (22,563) (29,075) (23,140)
------------ ------------ --------------
Non-current liabilities
Deferred income tax
liability (296) (205) (296)
------------ ------------ --------------
Total non-current
liabilities (296) (205) (296)
Total liabilities (22,859) (29,280) (23,436)
------------ ------------ --------------
Net assets 21,965 20,569 22,106
============ ============ ==============
EQUITY
Share capital 376 363 374
Share premium account 11,338 10,646 11,338
Capital redemption
reserve 12 12 12
Retained earnings 8,361 7,666 8,549
Share based payment
reserve 2,446 2,471 2,411
Share buy back reserve (666) (666) (666)
------------ ------------ --------------
Total issued share
capital and reserves
attributable to the
owners of the parent 21,867 20,492 22,018
Non-controlling interests 98 77 88
------------ ------------ --------------
Total equity 21,965 20,569 22,106
============ ============ ==============
The accompanying notes form an integral part of this unaudited condensed consolidated interim report.
Unaudited condensed interim statement of changes in equity
Share Share Capital Retained Share Share Non Total
capital premium redemption earnings based buy controlling equity
account reserve payment back interest
reserve reserve
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 January
2016 - Audited 359 10,632 12 10,829 2,199 (666) 50 23,415
--------- --------- ------------ ---------- --------- --------- ------------- --------
Comprehensive
income
Profit for the
period - - - (2,436) - - 27 (2,409)
Total comprehensive
income for the
period - - - (2,436) - - 27 (2,409)
Transactions with
owners
Movement in share
based payment
reserve - - - - 272 - - 272
Issue of share
capital 4 14 - - - - - 18
Dividends - - - (727) - - - (727)
Total transactions
with owners 4 14 - (727) 272 - - (437)
Balance at 30
June 2016 - Unaudited 363 10,646 12 7,666 2,471 (666) 77 20,569
========= ========= ============ ========== ========= ========= ============= ========
Balance at 1 July
2016 363 10,646 12 7,666 2,471 (666) 77 20,569
--------- --------- ------------ ---------- --------- --------- ------------- --------
Comprehensive
income
Profit for the
period - - - 1,139 - - 26 1,165
Total comprehensive
income for the
period - - - 1,139 - - 26 1,165
Transactions with
owners
Movement in share
based payment
reserve - - - - (60) - - (60)
Issue of share
capital 11 692 - - - - - 703
Deferred tax credit - - - (103) - - - (103)
Dividends - - - (168) - - - (168)
RDW step acquisition
MI acquired - - - 15 - - (15) -
Total transactions
with owners 11 692 - (256) (60) - (15) 372
Balance at 31
December 2016
- Audited 374 11,338 12 8,549 2,411 (666) 88 22,106
========= ========= ============ ========== ========= ========= ============= ========
Balance at 1 January
2017 374 11,338 12 8,549 2,411 (666) 88 22,106
--------- --------- ------------ ---------- --------- --------- ------------- --------
Comprehensive
income
Profit for the
period - - - 188 - - 10 198
Total comprehensive
income for the
period - - - 188 - - 10 198
Transactions with
owners
Movement in share
based payment
reserve - - - 35 - - 35
Issue of share
capital 2 - - - - - - 2
Dividends - - - (376) - - - (376)
Total transactions
with owners 2 - - (376) 35 - - (339)
Balance at 30
June 2017 - Unaudited 376 11,338 12 8,361 2,446 (666) 98 21,965
========= ========= ============ ========== ========= ========= ============= ========
Unaudited condensed consolidated interim statement of cash flows
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit/(loss) after taxation 198 (2,409) (1,244)
Adjustments for:
Depreciation 381 221 411
Share-based payment charge 35 272 212
Finance costs 130 178 312
Unrealised gain on investment (2) - -
Amortisation 202 172 345
Impairment - 3,152 3,152
Income tax expense 206 214 505
Increase in trade and other
receivables 459 (4,550) 1,439
Reclassification of investments 62 - -
held in current assets
Increase in trade and other
payables 2,330 594 (1,870)
------------ ------------ ---------------
Cash generated from/(used
in) operations 4,001 (2,156) 3,262
Income taxes paid (969) (759) (755)
------------ ------------ ---------------
Net cash generated from/(used
in) operating activities 3,032 (2,915) 2,507
------------ ------------ ---------------
Cash flows from investing
activities
Purchase of property, plant
and equipment (303) (144) (279)
Acquisition of subsidiaries,
net of cash acquired - - (1,503)
Investment income 3 - -
Net cash used in from investing
activities (300) (144) (1,782)
------------ ------------ ---------------
Cash flows from financing
activities
Proceeds from issue of share
capital 2 18 721
Net (decrease) / increase
in discounting facility (2,144) 3,572 (86)
Interest paid (133) (178) (312)
Dividends paid (376) (727) (923)
------------ ------------ ---------------
Net cash (used in) / received
from financing activities (2,651) 2,685 (600)
------------ ------------ ---------------
Net increase in cash and
cash equivalents 95 (374) 125
Effects of currency translation
on cash and cash equivalents (14) - 235
Cash and cash equivalents
at beginning of period/year 1,541 1,181 1,181
------------ ------------ ---------------
Cash and cash equivalents
at end of period/year 1,622 807 1,541
------------ ------------ ---------------
The accompanying notes form an integral part of this unaudited condensed consolidated interim report.
Notes to the unaudited condensed consolidated interim report
1 Nature of operations and general information
The InterQuest Group is a specialist technology recruitment business. The Group focuses on both permanent and contract recruitment across a range of sectors, specifically in high growth functions including digital, information security, analytics, telecommunications, change management and other high value niche markets. This is underpinned by an expanding capability in recruitment process outsourcing, helping our clients procure resources in a highly effective manner.
The Group's strategy is to continue to focus on those markets that are experiencing growth due to high demand for transformational technologies. We are witnessing acute skill shortages for technologies that will enable our clients to either augment or transform their operating model to capitalise on the new digital economy. This demand is having an upward impact on salaries as well as permanent and contract recruitment margins.
The unaudited condensed consolidated interim report has been approved for issue by the Board of Directors on 22 September 2017.
The financial information set out in this interim report does not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2016 is based on the statutory accounts for the year then ended which have been filed with the Registrar of Companies. The auditor's report on those financial statements was unqualified and did not contain a statement under Section 498 (2) or (3) of the Companies Act 2006.
2 Basis of preparation
The unaudited condensed consolidated interim report is for the six months ended 30 June 2017 and has been prepared in accordance with the accounting policies expected to be used in the annual financial statements for the year ended 31 December 2017. The unaudited condensed consolidated interim report should be read in conjunction with the Group's annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union (EU).
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of the unaudited condensed consolidated interim report.
3 Summary of significant accounting policies
The same accounting policies, presentation and methods of computation are followed in this unaudited condensed consolidated interim report as were applied in the preparation of the Group's annual financial statements for the year ended 31 December 2016.
Notes to the unaudited condensed consolidated interim report
4 Revenue and segmental reporting
For management reporting purposes the Group is organised into the following five divisions:-
1. Niche - comprising specialist recruitment practices focused on Analytics, Business Intelligence, Cyber Security, Internet of Things, Telecommunications, Business Change, Risk and Compliance which provide access to talent in some of the most critical areas of demand in the modern economy;
2. ECOM Recruitment Limited - the UK's leading recruiter in the digital market space which the Group acquired in November 2013;
3. Enterprise - comprising our Recruitment Process Outsourcing services together with legacy client relationships with significant customers in the financial services and retail sectors;
4. Public sector - focussed on the public sector and not for profit markets; and 5. Other - including the group sales function.
All business units provide contract and permanent recruitment services and have similar economic characteristics and are considered to meet the aggregation criteria of IFRS.
Information regarding segment assets is not provided to the Group's chief operating decision maker. This is because the Group considers net fee income (gross profit) and profitability for the purpose of making decisions about allocation of resources.
Six month period to 30 June 2017
Niche ECOM Enterprise Public RDW Other Total
Sector
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 20,022 6,588 28,041 11,039 1,817 1,572 69,079
Gross profit 3,833 1,930 2,107 1,196 1,695 417 11,178
Divisional
EBITA 1,128 233 1,085 721 540 (2,356) 1,351
Reconciling items to amounts reported in the
interim statement of comprehensive income:
Amortisation (202)
Share based payment
charge (35)
Non-recurring
items (580)
--------
IFRS operating
profit 534
Finance costs (130)
--------
Profit before
tax 404
========
Notes to the unaudited condensed consolidated interim report
4 Revenue and segmental reporting (continued)
Six months to 30 June 2016
Niche ECOM Enterprise Public RDW Other Total
Sector
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 27,675 6,137 25,749 12,434 - 1,775 73,770
Gross profit 5,374 1,621 2,292 1,041 - 626 10,954
Divisional
EBITA 1,713 153 794 517 - (1,564) 1,613
Reconciling items to amounts reported in the
interim statement of comprehensive income:
Amortisation (172)
Impairment (3,152)
Share based payment
charge (272)
Non-recurring
items (34)
--------
IFRS operating
profit (2,017)
Finance costs (178)
--------
Profit before
tax (2,195)
========
There are no external customers who individually represent more than 10% of the entity's external revenues during the six month period ended 30 June 2017 and 30 June 2016.
Revenue Gross profit
Six month Six month Six month Six month
period period period to period
to 30 June to 30 June 30 June to 30 June
2017 2016 2017 2016
GBP'000 GBP'000 GBP'000 GBP'000
Permanent 5,135 3,833 5,135 3,833
Contract 63,944 69,937 6,043 7,121
------------ ------------ ----------- ------------
69,079 73,770 11,178 10,954
============ ============ =========== ============
The Group does not report items below EBITA by segment in its internal management reporting.
Notes to the unaudited condensed consolidated interim report
5 Other non-recurring items
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Professional adviser (453) - -
and legal fees in defence
of the bid by Chisbridge
Limited
Redundancy and loss
of office costs (127) (34) (284)
----------- ----------- ---------------
Total non-recurring
items (580) (34) (284)
----------- ----------- ---------------
6 Income tax expense
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
GBP'000 GBP'000 GBP'000
Current tax
Corporation tax on profits
for the period/year 206 222 503
Adjustment in respect
of prior periods - - (90)
Total current tax 206 222 413
Deferred tax
Origination and reversal
of temporary difference - (8) 115
Adjustment in respect
of prior periods - (23)
Total deferred tax - (8) 92
Total income tax expense 206 214 505
----------- ----------- ---------------
Notes to the unaudited condensed consolidated interim report
7 Earnings per share
The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the period/year.
The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post-tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.
Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below.
6 months 6 months 12 months
to to to
30 June 30 June 31 December
2017 2016 2016
Note GBP'000 GBP'000 GBP'000
Profit/(loss) for the
year attributable to
the owners of the parent 188 (2,436) (1,282)
Adjustments to basic
earnings
Intangible assets amortisation 202 172 345
Tax on intangible asset
amortisation (40) (34) (69)
Impairment - 3,152 3,152
Deferred tax credit
on impairment of goodwill - - (630)
Share based payment
charge 35 272 212
Deferred tax credit
on share based payment (7) (54) (42)
Non-recurring professional 453 - -
fees
Tax credit on non-recurring (91) - -
professional fees
Fees related to acquisition
of RDW-RD Limited - - 28
Redundancy and loss
of office costs 127 34 284
Tax on loss of office
costs (25) (7) (57)
Adjusted earnings 842 1,099 1,941
----------- ----------- ---------------
Number of shares
Weighted average number
of ordinary shares for
the purposes of basic
earnings per share 37,574,926 36,204,457 36,401,381
Weighted average number
of ordinary shares for
the purposes of diluted
earnings per share 38,672,290 37,213,139 37,831,536
Earnings per share Pence Pence Pence
Basic earnings/(loss)
per share 0.5 (6.7) 3.4
Diluted earnings per
share 0.5 (6.5) 3.3
Adjusted earnings per
share
Basic earnings/(loss)
per share 2.2 3.0 7.2
Diluted earnings per
share 2.2 3.0 7.0
Notes to the unaudited condensed consolidated interim report
8 Impairment of goodwill
On 26 November 2013, the Group acquired 100% of the share capital of ECOM Recruitment Limited ("ECOM"), the UK's leading digital technology recruitment business for a total consideration of up to GBP7.04 million.
At 30 June 2016 the Board conducted a review of the carrying value of the intangibles and goodwill associated with the business of ECOM and as a result of that review the goodwill was impaired by GBP3,152k which was treated as a non-recurring item in the prior period. The carrying value of the goodwill at 30 June 2016 was GBP1,710k.
No further impairment is considered necessary in the period ended 30 June 2017.
9 Borrowings
The Group continues to finance its activities through borrowings using a confidential trade receivables finance facility. During the period the Group has replaced its lead bank with new banking arrangements from HSBC with an increased facility limit of GBP24m (2016: GBP20m) with a decreased interest rate and annual fee. The facility has a three month rolling notice period following the expiry of an initial term ending in March 2018. The Group cannot utilise invoices if they remain unpaid 120 days from the end of the month in which they were issued.
10 Subsequent events
On 18 May 2017, Chisbridge Limited announced its intention to make a cash offer, with a loan note alternative, for the whole of the issued and to be issued share capital of InterQuest. The full terms of, and conditions to, the Offer and the procedures for acceptance were set out in the Offer Document published by Chisbridge on 1 June 2017.
On 25 July 2017, Chisbridge received valid acceptances from InterQuest shareholders in respect of 19,552,500 InterQuest Shares, representing 50.58% of the issued ordinary share capital of InterQuest, which Chisbridge counted towards the satisfaction of the acceptance condition of the Offer set out in the Offer Document, declaring the Offer unconditional in all respects.
On 8 August 2017, the closing date of the offer, Chisbridge received valid acceptances from InterQuest shareholders in respect of 22,544,070 InterQuest Shares, representing 58.32% of the issued ordinary share capital of InterQuest.
During July 2017, following the announcement of the bid by Chisbridge, several members of staff exercised their share options. The total number of share options exercised in July amounted to 921,229 shares.
11 Interim report
This report will also be available from the Company's registered office and on Company's website www.interquestgroup.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR ELLFLDKFBBBX
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September 22, 2017 11:07 ET (15:07 GMT)
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