Allocation of Shares
October 02 2003 - 2:00AM
UK Regulatory
RNS Number:4343Q
Innovation Group PLC
02 October 2003
For immediate release 2nd October 2003
THE INNOVATION GROUP PLC
Allocation of TIG Shares
The Innovation Group plc ("TiG" or "Company") (LSE; TIG.L) today announces that
it has exercised its option to acquire the balance of the shares in Corporate
Warranty Administrators (Proprietary) Limited ("CWA") as anticipated in the
announcements of 4th May 2001, 20th December 2002 and 1st April 2003.
Accordingly, TiG has today allotted 193,968 new Ordinary Shares of 2p each in
the capital of the Company ("TiG Shares") in consideration for CWA shares.
TiG paid #5 million in cash for its 50.001 per cent stake in May 2001, issued
636,617 shares to increase its stake to 78.3 per cent in December 2002, and
issued a further 193,965 shares to increase its stake to 88.95 per cent in April
2003.
Additionally, TiG also announces that it has allotted a further 6,269,592 new
TiG Shares as the second instalment of deferred consideration for the
acquisition of InterX Technology as anticipated in the announcements of 17th
April 2002 and 1st April 2003.
TiG paid #1,305,275 at the time of acquisition. The deferred consideration was
#4 million, payable in equal instalments on 1st April 2003, 1st October 2003,
1st April 2004 and 1st October 2004 and possible additional deferred
consideration based on InterX software licence sales above a certain level.
However, the Directors do not believe that any additional deferred consideration
will be due.
Application will be made to the Official List of the UK Listing Authority and to
the London Stock Exchange for admission of the new TiG Shares to the Official
List and to trading on the London Stock Exchange's markets for listed securities
in due course. It is expected that dealings in the new TiG Shares, which will
rank pari passu in all respects with the existing ordinary share capital of TiG,
will commence on 6th October 2003. The total number of shares in issue following
this allocation of shares will be 420,492,364
Enquiries:
The Innovation Group plc 01489 898300
Paul Smolinski, Group Finance Director
KBC Peel Hunt 020 7418 8900
Simon Hayes
Weber Shandwick Square Mile 07884 494112/020 7067 0700
Sara Musgrave / Katie Hunt
This information is provided by RNS
The company news service from the London Stock Exchange
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