INCE.L Regulatory News (INCE)

25 Apr 2007 15:36

Work Group plc25 April 2007 Work Group plc ("Work" or the "Group") Payment of deferred consideration Work, the AIM-listed HR consulting services group, announces that, pursuant tothe acquisition agreement dated 6 October 2005, deferred consideration totalling£1,431,000 has today been paid to the vendors of Armstrong Craven Limited("Armstrong Craven") in relation to the financial performance of ArmstrongCraven for the period ending 31 December 2006. The Deferred Consideration was satisfied as to £715,500 by the issue of bankguaranteed unsecured floating rate loan notes ("Loan Notes")and as to £715,500by the issue of 880,074 new ordinary shares of 2p each in the capital of Work,credited as fully paid (the "New Ordinary Shares"). The Loan Notes rank paripassu with those issued as part of the initial consideration for the acquisitionof Armstrong Craven. Application has been made for the New Ordinary Shares to be admitted to trading on the AIM Market of the London Stock Exchange. Following the admission to trading of the New Ordinary Shares, Work will have 26,584,093 ordinary shares of 2p each in issue. Further enquiries: Work Group Tel: +44 (0)20 7492 0000Michael Warren Altium Tel: +44 (0)20 7484 4040Tim RichardsonSam Fuller About Work Group Work offers a range of bespoke resourcing solutions aiming to enable employersto recruit and retain staff more effectively, thereby reducing their traditionalreliance on third parties such as head-hunters and recruitment firms. Central toWork Group's approach is the concept of 'direct resourcing' - the establishmentand maintenance of a direct relationship between employer and prospectiveemployee. Direct resourcing provides an efficient and cost effective alternativeto traditional third party based recruitment strategies and is a growing trendamong UK employers. This information is provided by RNS The company news service from the London Stock Exchange