REG - Empresaria Group PLC - Sale of subsidiary and related party transaction

EmpresariaAnnouncement

04/11/2024 15:45

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241104:nRSD8704Ka&default-theme=true

RNS Number : 8704K  Empresaria Group PLC  04 November 2024

4 November 2024

 

 

Empresaria Group plc

("Empresaria" or the "Group")

 

Sale of non-core subsidiary and related party transaction

Empresaria, the global specialist staffing group, announces the sale of its
96.7% interest in Team Resourcing Limited ("TRL") to Team Resourcing
(Holdings) Limited ("TRHL") ("Sale") for a cash consideration of £320,944
payable on completion. TRL operates in the UK new home sales and BMS/BEMS
markets. The Sale is part of our previously announced plan to exit four of our
smaller operations in markets or sub-sectors where we do not plan to invest by
the end of 2024. The Sale proceeds will be held on the Group's balance sheet.

In its 2023 financial year, TRL contributed £3.4m to the Group's revenue,
£0.8m to net fee income, £0.0m to adjusted profit before tax and had net
assets of £0.3m as at 31 December 2023.

Related party transaction

As part of the transaction Ms Delaney is also selling her 3.3% interest in TRL
to TRHL and is continuing in her role. Upon completion of the Sale, Catherine
Delaney (the existing Managing Director of TRL) became a 20% shareholder in
TRHL.

The Sale is considered a related-party transaction for the purposes of AIM
Rule 13. The directors of Empresaria, all of whom are independent of Ms
Delaney and TRHL, consider, having consulted Singer Capital Markets Advisory
LLP, the Company's nominated adviser, that the terms of the Sale are fair and
reasonable insofar as Empresaria's shareholders are concerned.

- Ends -

 

Enquiries:

 Empresaria Group plc                                         via Alma PR
 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

 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  DISEASFLELALFFA