INCE.L Regulatory News (INCE)

30 Jan 2008 07:01

Work Group plc30 January 2008 Work Group plc ("Work" or the "Company") Acquisition update Pursuant to the terms of the acquisition of The Recruitment CommunicationsCompany Ltd ("RCC HR"), announced on 6 November 2006, Work announces that RCC HRhas achieved its earn out targets and that the maximum additional considerationof £2.0 million has become payable. In this regard Work has issued and allotted1,483,680 new Work ordinary shares of 2p each (the "New Ordinary Shares") andissued £1.0 million non convertible, floating rate, unsecured loan notes, whichare redeemable on 30 business days notice, to the vendors of RCC HR. The NewOrdinary Shares are subject to a lock in agreement whereby the vendors of RCC HRcannot dispose of any of the New Ordinary Shares before the expiry of tenworking days following the announcement of the Company's results for the yearending 31 December 2008. Application has been made for the New Ordinary Shares to be admitted to tradingon AIM. Following such admission Work will have 28,575,473 ordinary shares of 2peach in issue. Enquiries: Michael Warren, Finance Director Tel: +44 (0) 20 7492 0000 This information is provided by RNS The company news service from the London Stock Exchange