TIDMFRP

RNS Number : 8185A

Fairpoint Group PLC

29 March 2017

29 March 2017

Fairpoint Group plc

("Fairpoint", or the "Group")

Disposal

Fairpoint today announces the disposal of its ancillary medico-legal business, PIX Limited ("PIX") for an enterprise value of GBP1.2m, payable in cash. PIX, established in 2012, has been providing medical records, reporting services and disbursement funding support to certain departments of the Group's legal services division.

On 28 March 2017 the Group sold the entire share capital of PIX to Premex Services Limited ("Premex"), a market leading provider of medico-legal services to the legal services industry. Furthermore, the Group has entered into a three year strategic partnership with Premex for on-going medical records and reporting services, which is expected to deliver operational efficiencies and improvements to working capital.

The proceeds of GBP1.2m will be used to support the working capital requirements of the Group.

The unaudited gross assets of PIX as at 31 December 2016 was GBP1.6m and the unaudited operating profit for PIX for the financial year ending December 2016 was GBP0.1m.

For enquiries please contact:

Fairpoint Group plc

   David Broadbent, Chief Executive Officer                                           020 3128 8794

Shore Capital (Nomad and Joint Broker)

Mark Percy 020 7408 4090

Edward Mansfield

Panmure Gordon & Co (Joint Broker)

Dominic Morley 020 7866 2500

Charles Leigh-Pemberton

MHP Communications

Reg Hoare fairpoint@mhpc.com

Katie Hunt

020 3128 8794

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 29, 2017 02:01 ET (06:01 GMT)

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