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REG - RM PLC - Final Results <Origin Href="QuoteRef">RM.L</Origin> - Part 4

- Part 4: For the preceding part double click  ID:nRSF9792Dc 

                                                                                                                                      synergies and values associated with being part of the enlarged RM       
                                                                                                                                        resources proposition. Stock has been valued in line with group policy   
                                                                                                                                        taking into account the recoverability and obsolescence. The properties  
                                                                                                                                        have been restated to fair market value. Trade and other receivables and 
                                                                                                                                        payables were all reviewed and are in line with group policy.            
                                                                                                                                                                                                                                   
                                                                                                                                        Acquisition related costs                                                                  
                                                                                                                                        The group incurred acquisition related costs of £3.2m related to advisor 
                                                                                                                                        fees, banking arrangements and stamp duty. These costs have been included 
                                                                                                                                        in the administrative expenses in the group's consolidation statement of 
                                                                                                                                        comprehensive income. Costs relating to debt raising have been           
                                                                                                                                        capitalised and amortised over the life of the loan, see note 14.        
 14. Borrowings                                                                                                                                                                                                                    
 Group                                                                                                                                                                                                           2017      2016    
                                                                                                                                                                                                                 £000      £000    
                                                                                                                                                                                                                                   
 Bank loan                                                                                                                                                                                                       (14,000)  -       
 Add capitalised fees                                                                                                                                                                                            812       -       
 Borrowings                                                                                                                                                                                                      (13,188)  -       
 Bank and professional service fees relating to securing the loan have been capitalised and are amortised over the length of the loan.                                                                           
                                                                                                                                                                                                                                       
 
 
15. Related party transactions 
 
The Group encourages its Directors and employees to be Governors, Trustees or
equivalent of educational establishments. The Group trades with these
establishments in the normal course of its business. 
 
Ipswich School 
 
John Poulter, non-executive director of RM plc, is a director of Ipswich
School. Sales made in the year total £12,296 (2016: £2,419) and at the
year-end there is a balance of £2,929 (2016: £90) outstanding. 
 
Spinfield School 
 
Neil Martin, executive director, is a governor of Spinfield School.  TTS sales
made in the year total £456 (2016: £nil) and at the year-end there is a nil
balance (2016: £nil). The Consortium sales made in the year total £669.80
(2016: £nil) and at the year-end there is a balance of £83 (2016: £nil)
outstanding. 
 
Grant Thornton LLP 
 
Deena Mattar, non-executive director of RM plc, is a non-executive of the
Partnership Oversight Board of Grant Thornton. Grant Thornton were chosen from
a competitive tender conducted by the Company and Deena Mattar was not
involved in that exercise. The Company has engaged Grant Thornton to provide
advice in connection with certain activities.  The following payments were
made in the year - £650,000 of integration costs in TTS and The Consortium,
£48,000 stock work in The Consortium and £25,000 accrual for IFRS15 work. 
 
TES Global Ltd (formerly TSL Education Ltd) 
 
Lord Andrew Adonis was a Member of Advisory Board until 21 April 2017.  During
the year, the Group purchased £2,695 from the TES Global Ltd. 
 
This information is provided by RNS
The company news service from the London Stock Exchange

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