Disposal
15 Abril 2008 - 5:01AM
UK Regulatory
Disposal
Hat Pin plc ("Hat Pin")
Disposal of Akamai Financial Markets (UK) and Akamai Financial
Markets (Dubai)
Hat Pin, the international human resources group, today announces the
sale of the business, assets and liabilities of Akamai Financial
Markets (UK) Ltd for a cash consideration of �1 and the sale of the
entire issued share capital of Akamai Financial Markets Executive
Search (Dubai) Ltd for a cash consideration of �1. These businesses
have both been sold to Hexagon Human Capital plc.
In its unaudited accounts for the year ended 31 December 2007, Akamai
Financial Markets (UK) Ltd reported an operating loss of �351,000 on
a turnover of �4.3m. Losses within this business have continued in
the current year. As at 31 December 2007, Akamai Financial Markets
(UK) Ltd had net assets of �384,000.
In its unaudited accounts for the year ended 31 December 2007, Akamai
Financial Markets Executive Search (Dubai) Ltd reported an operating
loss of �23,000 on a turnover of �25,000. Losses within this business
have continued in the current year. As at 31 December 2007, Akamai
Financial Markets Executive Search (Dubai) Ltd had net assets of
�23,000.
Hat Pin will recognise a charge of approximately �4.5m in its 2007
accounts in respect of the impairment of the carrying value of Akamai
Financial Markets (UK) Ltd. Hat Pin will recognise a profit on
disposal of Akamai Financial Markets Executive Search (Dubai) Ltd in
its 2008 accounts of approximately �50,000. These items will have no
impact on the Group's cash position.
Commenting on developments, Angela Campbell-No�, Chief Executive of
Hat Pin plc, said: "These disposals allow Hat Pin to focus on and
invest in its profitable operations."
ENDS
For further information:
Hat Pin plc +44 (0)20 7438 8600
Angela Campbell-No�, Chief Executive
Paul Billett, Finance Director
Arden Partners Plc +44 (0)121 423 8943
Steve Douglas
The Hogarth Partnership +44 (0)20 7357 9477
Julian Walker
Notes to Editors
Hat Pin plc (www.hatpin.co.uk)
Hat Pin primarily operates in the provision of human resource. The
Group currently operates globally through its three subsidiary brands
- - the wholly-owned Akamai Financial Markets and Executive Access, and
the 70%-owned Saxton Bampfylde:
Akamai Financial Markets (www.akamaifinancial.com) is a specialist
international executive search firm concentrating in the financial
services and financial markets arena, with leading positions in Hong
Kong, Singapore and Tokyo.
Executive Access (www.executiveaccess.co.in) is a leading executive
search firm in India, operating across the financial services,
technology, corporate, academia and not-for-profit sectors in India
and has a well-established, blue chip client base and operational
diversity.
Saxton Bampfylde (www.saxbam.com) is a premium brand in the executive
search industry both in the private sector - where it has an
extensive track record in boardroom and senior management
appointments - and in the public and not-for-profit sectors - as a
leading adviser on senior appointments in higher education, central
government, charities and the arts.
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