Volvere plc ("Volvere" or the "Group")
13 December 2013
Disposal of Interactive Prospect Targeting Limited ("IPT")
Volvere (AIM: VLE), the growth and turnaround investment company, is pleased to announce the disposal of its minority shareholding in IPT for a consideration of £0.9 million (the "Disposal").
Background to and reason for the Disposal
IPT, the online marketing and data services company, has been a member of the Volvere Group since 2008 and we have been pleased with the turnaround led by IPT's management. The total amount invested since 2008 has been £1.45 million and the Group has received a total of £2.75 million back prior to the Disposal. We have been considering how best to unlock any remaining value in the business whilst enabling it to continue to develop outside of the Group and have accordingly agreed to sell our 45.5% shareholding to certain of IPT's management for a cash consideration £0.9 million payable at completion.
Financial information and use of proceeds
IPT's audited revenue and profit before tax for the year ended 31 December 2012 were £8.88 million and £0.18 million respectively and its net assets were £1.75 million. In the Group's unaudited interim results for the period to 30 June 2013, IPT reported a loss before tax amounting to £0.38 million on revenue of £4.16 million. In addition, there was a deferred tax charge of £0.85 million in view of the continuing trading losses and consequently its unaudited net assets at that time were £0.3 million.
The disposal proceeds will be added to the Group's cash reserves for use in pursuance of Volvere's investing policy.
Commenting on the disposal, Jonathan Lander said: "I am pleased that we have been able to exit successfully from IPT. I would like to thank IPT's management and staff for their contribution to the Group since 2008 and to wish them continued success in the future."
For further information contact:
Volvere plc: |
|
Jonathan Lander |
Tel: +44 20 7634 9700 |
N+1 Singer (Nominated Adviser): |
|
Aubrey Powell / Will Goode |
Tel: +44 20 7496 3000 |
