TWE Twenty

 

TIDMTWE 
 
RNS Number : 1280M 
Twenty PLC 
18 May 2010 
 

                                   Twenty plc 
 
                          ("Twenty" or "the Company") 
 
                                   (AIM: TWE) 
 
 
                            Completion of Disposal 
                            Result of General Meeting 
 
 
Further to the announcement made by the Company on 30 April 2010, the Company is 
pleased to announce the passing of the resolution to approve the disposal (the 
"Disposal") of the entire issued share capital of DF Property Portfolio Limited 
("DFPP"), the holding company of Dataforce Interact Limited ("Interact"), at the 
General Meeting of the Company held earlier today and that the Disposal has now 
been completed. 
 
The initial consideration for the disposal is GBP7,239,610 ("Initial 
Consideration") plus deferred consideration of GBP2,953,500 to be paid over two 
years ("Deferred Consideration"). 
 
The Initial Consideration is subject to adjustment depending on the value of the 
net current assets and net cash position of DFPP and Interact (the "Interact 
Group") at completion of the Disposal ("Completion") and the net debt position 
between the Company and its remaining subsidiaries (the "Remaining Group") and 
the Interact Group at Completion. 
 
The Deferred Consideration is payable in two instalments over two years. The sum 
of GBP1,892,000 is payable on the first anniversary of Completion and the sum of 
GBP1,061,500 is payable on the second anniversary of Completion. 
 
Following receipt of the Initial Consideration and repayment of outstanding bank 
debt facilities, deal fees and working capital adjustment under the sale and 
purchase agreement, the Company expects to have net cash of approximately 
GBP3.5m. Twenty now intends to concentrate on accelerating it's strategy to 
become a market leader in the development and deployment of digital integrated 
marketing platforms. 
 
Commenting on the completion of the Disposal, Ian Lancaster, Chief Executive 
said: 
 
"This sale represents a refocusing of Twenty plc in the fastest growing segment 
of the marketing services space where we feel that we are developing a real edge 
in our product portfolio and that the business is well placed to take advantage 
of the increase in digital spend." 
 
Enquiries: 
 
Twenty plc 
Ian Lancaster, Chief Executive Officer                Tel: 01908 829 300 
 
Daniel Stewart & Company plc 
Emma Earl/Tessa Smith                                   Tel: 020 7776 6550 
 
 
Notes to Editor: 
 
Twenty plc is dedicated to creating a marketing services group through customer 
and prospect data, with data intelligence at its heart. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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