1 February 2024
Wilmington
plc
MiExact sold for £9.6
million
Wilmington plc (LSE: WIL,
'Wilmington', 'the Group'), the provider of data, information,
education and training in the global Governance, Risk and
Compliance markets, has sold its mortality data business, MiExact,
for an enterprise value of £9.6 million, subject to working capital
adjustments, to Information Services Bidco Limited. The business
will continue to be run by the existing management team, led by
Managing Director Polly Avgherinos, backed by Foundation Investment
Partners.
The consideration consists of £6.6
million of cash on completion and £3 million of loan notes with a
7% coupon, deferred for up to three years.
For the year ended 30 June 2023,
MiExact had gross assets of £20.5 million and reported a profit
before tax of £1.1 million.
The proceeds of the sale will be
used for general corporate purposes.
Mark Milner, Chief Executive Officer
of Wilmington, said
"This sale reflects our continued
and active management of our portfolio as we assess the potential
of each business to exhibit the six common Wilmington
characteristics that we recognise as key drivers of organic revenue
growth and profitability improvement."
For further information,
contact:
|
Wilmington plc
Mark Milner, Chief Executive
Officer
Guy Millward, Chief Financial
Officer
Meare Consulting
Adrian Duffield
|
020
7490 0049
07990 858548
|
The information contained within this announcement is deemed
to constitute inside information as stipulated under the UK version
of Market Abuse Regulation (EU) No. 596/2014, as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018. Upon the publication of this announcement this inside
information is now considered to be in the public
domain.
Notes to Editors
Wilmington plc is the recognised
knowledge leader and partner of choice for data, information,
education and training in the global Governance, Risk and
Compliance (GRC) markets. Wilmington employs close to 1,000 people
and sells to around 120 countries. Wilmington is listed on the main
market of the London Stock Exchange.