REG - Empresaria Group PLC - Acquisition of Minority Interest

EmpresariaAnnouncement

24/05/2024 14:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240524:nRSX8995Pa&default-theme=true

RNS Number : 8995P  Empresaria Group PLC  24 May 2024

24 May 2024

 

 

Empresaria Group plc

("Empresaria" or the "Group")

 

Acquisition of minority interest and related party transaction

Empresaria, the global specialist staffing group, announces the acquisition of
20% of the issued share capital of Empresaria Philippines Holdings Limited
("EPHL"), the UK holding company of Empresaria's Philippines subsidiary,
Monroe Consulting Philippines, Inc. ("Monroe Philippines"), taking its
shareholding in EPHL to 100% ("Acquisition").  Empresaria has a long-term
policy of purchasing minority interests where it sees real value for
shareholders and each acquisition is assessed on performance of the underlying
entity.

The shares were acquired from Monica Viladot Medina, the former managing
director of Monroe Philippines who left the Group in May 2024. Consideration
for the shares is £0.4m, to be paid in cash from the Group's existing bank
facilities, half on completion and half on (or within) twelve months of
completion.

In 2023, Monroe Philippines contributed £1.4m to the Group's net fee income,
£0.4m to the Group's adjusted profit before tax and had net assets of £0.6m
as at 31 December 2023.

Related Party Transaction

The Acquisition of the outstanding interest in EPHL from Monica Viladot
Medina, the former managing director of Monroe Philippines, is considered a
related-party transaction for the purposes of Rule 13 of the AIM Rules for
Companies. The directors of Empresaria, all of whom are independent of the
Acquisition, consider, having consulted Singer Capital Markets Advisory LLP,
the Company's nominated adviser, that the terms of the Acquisition are fair
and reasonable insofar as Empresaria's shareholders are concerned.

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the UK version of the EU
Market Abuse Regulation (2014/596) which is part of UK law by virtue of the
European Union (Withdrawal) Act 2018, as amended and supplemented from time to
time.

 

- Ends -

 

Enquiries:

 Empresaria Group plc                                         via Alma
 Rhona Driggs, Chief Executive Officer

Tim Anderson, Chief Financial Officer
 Singer Capital Markets (Nominated Adviser and Joint Broker)  020 7496 3000
 Shaun Dobson / Alex Bond / Angus Campbell

 Cavendish Capital Markets Limited (Joint Broker)             020 7220 0500
 Katy Birkin (Corporate Finance)

Michael Johnson / Jasper Berry (Sales)
 Alma Strategic Communications (Financial PR)                 020 3405 0205
 Sam Modlin / Rebecca Sanders-Hewett / Will Merison
empresaria@almastrategic.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ACQQKQBNNBKDPPB