Empresaria Group PLC
20 September 2005
Empresaria Group plc
('Empresaria' or 'the Group')
Following shareholder approval at the Annual General Meeting held on 9 June
2005, Empresaria is pleased to announce that on 19 September 2005 the Group
acquired Tony Martin's, the Group's Chairman, 50 per cent. holding in Interim
Management International Limited ('IMI') for a consideration of Â£345,000. The
consideration was satisfied by the issue of 526,717 Empresaria ordinary shares
of 5 pence each at a price of 65.5 pence per share (the 'Consideration Shares').
The price per ordinary share is the average mid-market closing price of ordinary
shares over the previous five business days.
The acquisition takes Empresaria's shareholding in IMI to 100 per cent.. IMI
holds 90 per cent. of Skillhouse Staffing kk ('SKS'), the Group's Japanese
staffing operation, with the balance of the shares being held by management.
Commenting on the acquisition, Miles Hunt, the Group's Chief Executive said:
'The Group's early acquisition of Tony's holding in SKS reflects the excellent
performance of the business in its first few months of trading, which has
confirmed our belief that the Japanese staffing market offers a significant
opportunity for growth. We expect SKS to trade significantly ahead of our
expectations in 2006 and our 90 per cent. holding in it will allow us to
consolidate its results for the first time.'
Following the issue of the Consideration Shares, Tony Martin holds 1,652,807
ordinary shares in the Group, representing 7.75 per cent. of the Group's
enlarged issued share capital.
Application has been made to the London Stock Exchange to admit
the Consideration Shares to trading on AIM. The Consideration Shares will rank
pari passu in all respects with the existing issued shares and trading is
expected to commence on 23 September 2005.
For further enquiries please contact:
Empresaria Group Plc 01293 649 900
Miles Hunt, Chief Executive
Nick Hall-Palmer, Finance Director
This information is provided by RNS
The company news service from the London Stock Exchange