InterQuest Group PLC Acquisition of Rees Draper Wright (0609G)
03 August 2016 - 4:01PM
UK Regulatory
TIDMITQ
RNS Number : 0609G
InterQuest Group PLC
03 August 2016
InterQuest Group plc
("InterQuest" or "the Company")
Acquisition of RDW
InterQuest Group plc (AIM: ITQ.L), the specialist recruiter in
the technology, analytics and digital market is pleased to announce
the acquisition of a majority interest in Rees Draper Wright
("RDW") with the right to acquire the remaining shares in RDW.
Overview of the Acquisition
RDW is a boutique executive search firm for blue chip clients
operating out of London and New York. The Board of InterQuest
believes the acquisition of RDW presents a strong strategic
fit:
-- providing the opportunity to cross sell services in the new
digital economy for both businesses;
-- enabling the Company to expand its operations in the US with
a New York platform to grow its digital, analytics and cyber
security divisions in the US;
-- providing an opportunity for the management of RDW to
continue their expansion plans into Europe; and
-- adding an interim service to the Company's search offering.
The Group is also delighted to welcome Richard Draper, the
Managing Director of RDW, who will join the Operational Board of
InterQuest and Dan Richards, RDW's US Managing Director, who will
lead the InterQuest's expansion and growth in the New York
market.
RDW will have access to InterQuest's marketing/content
origination and management coaching, as well as central services
and will continue to trade under the valuable "Rees Draper Wright"
brand.
Commenting on the acquisition Chris Eldridge, CEO at InterQuest
said:
"RDW is an excellent fit for InterQuest Group, strengthening our
reputation in the Global consulting sector and providing a platform
to grow the Groups existing business in the US. We are excited
about developing the RDW brand and building on InterQuest Group's
digital specialisation."
As part of the consideration for RDW, Interquest will be issuing
728,000 new ordinary shares to the vendors on completion.
Application has been made to the London Stock Exchange for the
admission of 728,000 new ordinary shares to trading on AIM. The new
ordinary shares will rank pari passu with the existing ordinary
shares of the Company. Admission of the new shares is expected to
take place at 8.00am on 9 August 2016. The outstanding interests in
RDW are subject to put and call arrangements with the vendors,
which can be exercised up to 18 October 2016 on the same terms.
Assuming that this option is exercised, a further 205,333 new
ordinary shares will be issued in due course.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
Enquiries:
InterQuest Group Plc
David Bygrave (CFO) Tel: +44 (0) 20 7025 0100
Panmure Gordon (UK) Limited (Nomad and Broker)
Dominic Morley / Karri Vuori Tel: +44 (0) 20 7886 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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