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AEC Education plc AEC Completion of Sale of Non-Core Subsidiary



  AEC Education plc (AEC) - Completion of Sale of Non-Core Subsidiary

RNS Number : 0490P
AEC Education plc
19 October 2012
 



AIM: AEC

 

                              AEC Education plc

   ("AEC" or the "Company" and together with its subsidiaries the "Group")

                     Completion of Sale of Non-core Subsidiary

Further to the announcement made by AEC  on 4 October 2012, AEC is pleased  to 
announce that all of the conditions relating to the agreed sale of Educational
Resources Pte Ltd ("ER") to Pearson Education South Asia Pte. Ltd  ("Pearson") 
(the "Sale") have been satisfied and that the Sale has now completed. 

As previously reported, the sale  of ER, the Group's examinations  subsidiary, 
is in line with the Board's  view that the examinations activity was  becoming 
less of a strategic  focus as its college  activities grow. The sale  proceeds 
(£2.5 million cash on completion and a deferred payment of an amount equal  to 
the net consideration received by Pearson for the sale of 3,000,000 shares  it 
holds in AEC) will be used by AEC to expand its core business.

 

For further information contact:

AEC Education plc                      +44 (0)7775 787427

Liam Swords  
WH Ireland Limited (NOMAD & Broker)    +44 (0)161 832 22174

Dan Bate  
Biddicks                               +44 (0)20 3178 6378

Katie Tzouliadis                      

 

                     This information is provided by RNS
           The company news service from the London Stock Exchange
 
END
 
 
DISGGGMWUUPPGQR -0- Oct/19/2012 06:00 GMT
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