Servoca, the AIM listed provider of public sector resourcing and outsourced services to the healthcare, education and security sectors, is pleased to announce that the trading results of Academics Holdings Limited ("Academics") and Academics Limited, which were acquired by the Company in March 2008 ("the Acquisition"), have exceeded the earn-out targets set out in the sale and purchase agreement dated 28 March 2008. Consequently, the deferred consideration ("Deferred Consideration") is now payable by the Company.
The Deferred Consideration has been satisfied by the issue of, in aggregate, 7,571,428 new ordinary shares of 1 pence each in the capital of the Company ("Deferred Consideration Shares") and the payment of, in aggregate, £1,645,470 in cash and £704,530 in loan notes to the former shareholders of Academics.
Application has been made to the London Stock Exchange for the Deferred Consideration Shares to be admitted to trading on AIM and admission is expected on 15 July 2009.
Following the issue and allotment of the Deferred Consideration Shares, Emma Sugarman, an Executive Director of the Company, will be interested in 6,551,514 ordinary shares of 1 pence each in the Company, representing approximately 5.54 per cent. of the Company's issued ordinary share capital (as enlarged by the issue and allotment of the Deferred Consideration Shares).
The total enlarged issued ordinary share capital of the Company will be 118,191,759. The Company holds no ordinary shares in treasury. Therefore, following the issue and allotment of the Deferred Consideration Shares, the total number of voting rights in the Company will be 118,191,759. The above figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.