Malvern International PLC Acquisition of SAA Global Education (6797U)
October 26 2017 - 1:00AM
UK Regulatory
TIDMMLVN
RNS Number : 6797U
Malvern International PLC
26 October 2017
26 October 2017
MALVERN INTERNATIONAL PLC
("Malvern" or the "Company")
Acquisition of SAA Global Education
Malvern International plc (AIM: MLVN), provider of educational
services in the UK and Asia, is pleased to announce that it has
today entered into a Sale and Purchase Agreement with the Institute
of Singapore Chartered Accountants ("ISCA") to acquire the entire
issued share capital of SAA Global Education Centre Pte. Ltd.
("SAA-GE") for a total consideration of Singapore Dollars (SGD)
$500,000 to be satisfied by the issue of 5,630,350 new ordinary
shares of 5p each in Malvern. Completion of the Sale and Purchase
Agreement is expected to take place on 7 November 2017.
SAA-GE has been a subsidiary of ISCA that provided commercial
private education. It has a 30 year history of providing diploma,
undergraduate, postgraduate and professional programmes in the
accountancy, finance and business related disciplines. It offers
preparatory courses leading to ATTS, ACCA, FIA/CAT, ICAEW and
Singapore Chartered Accountant qualification, as well as degrees
from Plymouth University and the University of London in the
UK.
SAA-GE has a reputation for providing high-quality,
industry-recognised programmes that have also attracted
international students from Japan, China, Vietnam and the
Philippines. It continues to achieve high pass-rates and produces
top-performing students and prize-winners for the ACCA and FIA/CAT
programmes annually. SAA-GE has a four-year EduTrust Certification
issued by the Committee for Private Education Singapore. Currently,
it has more than 1000 students.
This acquisition will provide Malvern with fresh opportunities
to reach and work with the large local partners, with a substantial
student base of more than 1000 SAA-GE students and provide access
to its highly qualified trainers and lecturers. It will also
broaden and strengthen Malvern's platform as an international hub
for accountancy and finance education, adding to the
existing/upcoming offerings in Malaysia and London.
For its financial year ended 31 December 2016, SAA-GE reported a
loss of SGD$1.8 million on revenues of SGD$5.7 million. As at 31
December 2016, SAAGE had net liabilities of SGD$0.9 million.
Application will be made for the 5,630,350 new Ordinary Shares
being issued pursuant to the acquisition of SAA-GE to be admitted
to trading on AIM. Dealings are expected to commence on 8 November
2017.
In accordance with the provisions of the Disclosure, Guidance
and Transparency Rules of the Financial Conduct Authority, the
Company confirms that, following the acquisition of SAA-GE, its
issued share capital will comprise 112,188,333 Ordinary Shares of
5p each. All of the Ordinary Shares have equal voting rights and
none of the Ordinary Shares are held in Treasury. The total number
of voting rights in the Company is therefore 112,188,333. This
figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
share capital of the Company under the Disclosure, Guidance and
Transparency Rules.
Mr Gopinath Pillai, the Chairman of Malvern Group, said: "We are
delighted to have SAA-GE join the Malvern Group. This acquisition
is in line with Malvern's international strategy announced in June
2017 and that is to focus its brand on a few key development
skills, one of which is accounting and finance education. Looking
forward we are both confident and excited at the opportunityies
this acquisition will bring."
Please visit our website for more information:
http://www.malverninternational.com
ENDS
Contacts:
Malvern International www.malverninternational.com
plc
Haider Sithawalla +65 64120733
Dr Sam Malafeh +65 83860155
WH Ireland Limited Nominated Adviser & Broker
Mike Coe, Ed Allsopp +44 (0) 117 945 3470
This information is provided by RNS
The company news service from the London Stock Exchange
END
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