Wilmington PLC MiExact sold for £9.6 million

RNS Number : 6153B

Wilmington PLC

01 February 2024

 

1 February 2024

 

Wilmington plc

 

MiExact sold for £9.6 million

 

Wilmington plc (LSE: WIL, 'Wilmington', 'the Group'), the provider of data, information, education and training in the global Governance, Risk and Compliance markets, has sold its mortality data business, MiExact, for an enterprise value of £9.6 million, subject to working capital adjustments, to Information Services Bidco Limited. The business will continue to be run by the existing management team, led by Managing Director Polly Avgherinos, backed by Foundation Investment Partners.

 

The consideration consists of £6.6 million of cash on completion and £3 million of loan notes with a 7% coupon, deferred for up to three years.

 

For the year ended 30 June 2023, MiExact had gross assets of £20.5 million and reported a profit before tax of £1.1 million.

 

The proceeds of the sale will be used for general corporate purposes.

 

Mark Milner, Chief Executive Officer of Wilmington, said

 

"This sale reflects our continued and active management of our portfolio as we assess the potential of each business to exhibit the six common Wilmington characteristics that we recognise as key drivers of organic revenue growth and profitability improvement."

 

For further information, contact:

  

Wilmington plc   Mark Milner, Chief Executive Officer Guy Millward, Chief Financial Officer   Meare Consulting Adrian Duffield

020 7490 0049       07990 858548

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the UK version of Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement this inside information is now considered to be in the public domain.

 

Notes to Editors

Wilmington plc is the recognised knowledge leader and partner of choice for data, information, education and training in the global Governance, Risk and Compliance (GRC) markets. Wilmington employs close to 1,000 people and sells to around 120 countries. Wilmington is listed on the main market of the London Stock Exchange.

 

 

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