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