IQGeo Group PLC Disposal of Minority Interest (2054K)
31 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMIQG
RNS Number : 2054K
IQGeo Group PLC
31 December 2020
IQGeo Group plc
(the "Company" or the "Group")
Disposal of Minority Interest
IQGeo Group plc (AIM: IQG), a leading developer of geospatial
productivity and collaboration software for telecoms and utility
network operators, is pleased to announce that, following the
successful fundraise and acquisition announced on 1(st) December
2020, it has received an approach and subsequently signed an
agreement to sell its remaining 5.6% stake in its former RTLS
SmartSpace business, to its majority owners, a company that is
owned and controlled by funds managed or advised by Investcorp
Technology Partners, an affiliate of Investcorp Bank B.S.C. (the
"Purchaser" or "Investcorp") for a total consideration of GBP2.5m.
The agreement contains certain other typical provisions including a
partial share of any potential upside consideration if the RTLS
SmartSpace business is sold on within six months of this disposal
at a greater valuation. This disposal is expected to complete
during the course of January 2021.
Background to the Disposal
On 31 December 2018 the Group received GBP30m in cash for a
94.4% stake of its RTLS SmartSpace business with the remaining 5.6%
stake held as an investment into the newly formed entity alongside
Investcorp. This investment was written down to GBP200k as at 30
June 2020, as described in the Group's interim accounts announced
on 14 September 2020, and neither target for contingent
consideration payments has been achieved.
This remaining stake in the RTLS SmartSpace business will now be
sold to the Purchaser.
Richard Petti, CEO of IQGeo Group plc said
"We are delighted that Investcorp have decided to consolidate
their holding in the RTLS SmartSpace business. The GBP2.5 million
of cash proceeds will help support our strategy as we continue to
build a successful recurring revenue geospatial software business
focused on telco and utility network operators."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
For further information contact:
IQGeo Group plc +44 1223 606655
Richard Petti
Haywood Chapman
finnCap Ltd +44 20 7220 0500
Henrik Persson, Matthew Radley (Corporate Finance)
Tim Redfern, Richard Chambers (ECM)
Notes to editors
IQGeo's end-to-end geospatial software improves productivity and
collaboration across enterprise planning, design, construction,
maintenance and sales processes for telecoms and utility network
operators. Our mobile-first enterprise solutions create and
maintain, an accurate view of complex network assets that is easily
accessible by anyone, wherever and whenever needed.
Specialized applications combined with our open IQGeo Platform
help network operators create a single source of network truth to
meet their digital transformation ambitions and operational KPIs.
Our award-winning, cloud-enabled solutions save time and money, and
improve safety and productivity, while enhancing customer
satisfaction.
With over 50,000 active software users, IQGeo has an established
and rapidly growing customer base with telecoms and utility
companies worldwide.
IQGeo trades on AIM with the ticker IQG.
For additional information please visit www.iqgeo.com
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END
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