Latest News
2 May 2006
Disposal of Interest in Cameron Kennedy Resources Limited
Prime People plc ("Prime People" or the "Company") today announces that, on 28 April 2006, it disposed of its entire 44.66% holding in Cameron Kennedy Resources Limited ("CKR"), a financial recruitment company, for a cash consideration of £180,000.
In the nine months ended 30 September 2005, the Company’s share of CKR’s operating loss was £20,825. Management accounts for the six months ended 31 March 2006 show that CKR, which historically has been treated by the Company as an associate undertaking, has underperformed its budgets and has continued to make losses. The Board of Prime People therefore concluded that it was in the best interests of shareholders to sell its entire shareholding in CKR.
As a consequence of the sale the Company will incur a write down representing the difference between the net proceeds of the sale and the carrying value of CKR as at 31 March 2006 of £140,920.
The net cash proceeds from the sale (approx. £175,000) will be used to assist in the further development of the property recruitment business of Macdonald & Company Group Limited, the Company’s main subsidiary.
For further information:
Robert Macdonald
Tel: 020 7318 5874
Chris Heayberd, Finance Director
Tel: 020 7318 1784
DW Youngman, WH Ireland Limited Tel: 0161 832 2174
James Longfield / Georgina Briscoe, Hogarth Tel: 020 7357 9477