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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Team Internet Group Plc | LSE:TIG | London | Ordinary Share | GB00BCCW4X83 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
1.40 | 0.76% | 185.20 | 184.40 | 185.60 | 186.60 | 183.20 | 186.60 | 95,595 | 16:29:51 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Business Consulting Svcs,nec | 836.9M | 24.3M | 0.0894 | 20.72 | 499.46M |
RNS Number:4527J Innovation Group PLC 01 April 2003 1st April 2003 THE INNOVATION GROUP PLC Issue of consideration shares The Innovation Group plc ("TiG" or "Company") (LSE; TIG.L) today announces that it has exercised its option to increase its stake in Corporate Warranty Administrators (Proprietary) Limited ("CWA") from 78.3 per cent to 88.95 per cent as anticipated in the announcements of 4th May 2001 and 20th December 2002. Accordingly, TiG has today allotted 193,965 new ordinary shares of 2p each in the capital of the Company ("TiG Shares") in consideration for CWA shares. Put and call options remain over the balance of the CWA shares, whereby TiG can acquire the whole of the share capital of CWA, for a further 294,180 Ordinary Shares (as calculated at 31st March 2003 mid market closing price) during the period to April 2004. TiG paid #5 million in cash for its 50.001 per cent stake in CWA in May 2001 and issued 636,617 shares to increase its stake to 78.3 per cent in December 2002. Additionally, today TiG also announces that it has allotted a further 16,129,032 new TiG Shares as the first instalment of deferred consideration for the acquisition of InterX Technology as anticipated in the announcement of 17th April 2002. TiG paid #1,305,275 at the time of the acquisition of InterX Technology. The deferred consideration is #4 million, payable in equal instalments on 1St April 2003, 1st October 2003, 1st April 2004 and 1st October 2004 and possible additional deferred consideration based on InterX software licence sales above a certain level. However, the Directors do not believe any additional deferred consideration will be due. Application will be made to the Official List of the UK Listing Authority and to the London Stock Exchange for admission of the new TiG Shares to the Official List and to trading on the London Stock Exchange's markets for listed securities in due course. It is expected that dealings in the new TiG Shares, which will rank pari passu in all respects with the existing ordinary share capital of TiG, will commence on 7 April 2003. Paul Smolinski, Group Finance Director said: "CWA is a profitable and cash generative business. The increase in our stake in CWA represents exceptional value to our shareholders. It is a key part of our BPO division in South Africa and has proven to be an excellent purchase, enabling the Group to leverage the significantly lower cost base in this region as the backbone for its global BPO operations. In addition, after consultation with representatives of our major stakeholders (which include customers, key shareholders and staff), in order to maintain a strong cash balance post the rights issue we have chosen to exercise our option to pay the first installment of the InterX deferred consideration in shares at the current price of 6p which is a 20% premium to the price of our recent rights issue. " Enquiries: The Innovation Group plc 01489 898300 Paul Smolinski, Group Finance Director KBC Peel Hunt 020 7418 8900 Simon Hayes Weber Shandwick Square Mile 020 7067 0700 Sara Musgrave/ Katie Hunt 07736 979 302 END This information is provided by RNS The company news service from the London Stock Exchange END IOEEAXDFDAEDEFE
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