For immediate release
21 December 2006
STATPRO GROUP PLC
(“StatPro” or the “Group”)
Exercise of Option to acquire Minority and Issue of shares
StatPro announces that the Company will acquire the 49 per cent. of StatPro Italia Srl that it does not currently own following the exercise of the option under the Option agreement between StatPro Group plc and the minority shareholders of StatPro Italia (formerly RiskMap Srl) dated 3 October 2003.
The consideration payable will be 49 per cent. of the value of the business, which will be approximately equivalent to the annualised recurring revenue of contracts for StatPro Risk Management and risk consulting as at 31 December 2006, adjusted for net assets. StatPro has also agreed to issue 125,000 ordinary shares of 1p each in the Company (‘Ordinary Shares’), conditional upon the completion of the acquisition, to certain of the minority shareholders of StatPro Italia when the option exercise is completed on 28 February 2007. The share price of the Ordinary Shares will be 97.5 pence per share which is based upon the average closing offer price for the twenty trading days up to and including 19 December 2006 and represents a discount of 6.3% to the mid-market price as at 20 December 2006.
Application will be made for the admission to AIM of the Ordinary Shares. The new Ordinary Shares will rank pari passu with the Company’s existing issued ordinary shares. Admission and dealings in the Ordinary Shares are expected to occur in early March 2007.
– Ends –
For further information, please contact:
StatPro Group plc
|Justin Wheatley, Chief Executive||020 8410 9876|
|Andrew Fabian, Finance Director|
Arbuthnot Securities Limited
|Tom Griffiths/NeilKirkton||020 7012 2000|
|Reg Hoare||020 7360 4900|