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Milamber Ventures Plc - Acquisition of Vocademia

02/28/2018 | 02:01am EST

28 February 2018 

Milamber Ventures Plc

("Milamber" or "the Company")

Acquisition of Vocademia

The Directors of Milamber (ISDX: MLVP) are pleased to announce that the Company has acquired the entire issued share capital of Vocademia London Limited ("Vocademia “), for a consideration of £165,000 from its founder Mark Woodcock.

A consideration of £105,000 has been satisfied by the issue of 1,000,000 ordinary shares of 1p each in Milamber ("Ordinary Shares") to the vendor Mark Woodcock at a price of 10.5p per share.

A deferred consideration of £60,000 will be satisfied in cash or in Milamber ordinary shares of 1p each in Milamber ("Ordinary Shares") subject to performance on a quarter by quarter basis in the financial year 2018-2019.

Vocademia is being acquired on cash and debt free basis and holds no material assets at closing, therefore the relevant consideration will be capitalised as good-will in Milamber’s accounts from the year ending 2018.

Vocademia (www.vocademia.co.uk) is an educational consultancy formed in August 2016 which generated revenue of £120,000 for year end 31 December 2017. Vocademia creates solutions that bridge vocational, professional and academic obstacles for employers or society.

Mark Woodcock will take on the role of Milamber’s UK Education Managing Partner in addition to his existing responsibilities.

Following this issue of Ordinary Shares, Mark Woodcock is now interested in 1,000,000 Ordinary Shares, representing 11.07% per cent of the Company's enlarged issued share capital.

In accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, the Company announces that it now has 9,028,560 Ordinary Shares in issue, each share carrying the right to one vote.

Andy Hasoon, Executive Chairman of Milamber, commented, “Vocademia and Mark are a very good strategic fit to Milamber’s existing advisory business, broadening both our depth and breadth of expertise in the education sector. Mark will be taking the advisory lead for all Milamber’s education clients in the UK.”

The Directors of the Company accept responsibility for this announcement.

-ends-

For further information please visit: www.Milamber.co.uk, or contact:

Milamber Ventures plc   

Andy Hasoon                                                                                           T: 07768 875 681

E: Andy.hasoon@milamberventures.com

Leander (Financial PR)

Christian Taylor-Wilkinson                                                                      T: 07795 168 157

First Sentinel Corporate Finance (NEX Advisor)

Brian Stockbridge (CEO)                                                                         T: 07876 888 011


ę PRNewswire 2018
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