IMImobile PLC Outcome of Strategic Review of VAS and Payments (2575P)
16 Febrero 2021 - 5:00AM
UK Regulatory
TIDMIMO
RNS Number : 2575P
IMImobile PLC
16 February 2021
16 February 2021
IMImobile PLC
("IMImobile" or the "Company" or the "Group")
Outcome of Strategic Review of VAS and Payments
As previously announced at the Company's interim results on 7
December 2020, the VAS and Payments units have faced operational
headwinds, which have been exacerbated by transaction volumes being
impacted by the Covid-19 pandemic. The Board further announced that
it had decided to conduct a strategic review of the VAS and
Payments activities.
The Company has now completed this strategic review and is
pleased to announce that it has entered into a conditional
agreement to sell the VAS business unit to certain members of the
existing management team (the "Disposal") for a total cash
consideration of GBP6.0m (the "Consideration"). GBP3.0m of the
Consideration is to be satisfied within 6 months of completion of
the Disposal with the remaining GBP3.0m payable in full prior to
the third anniversary of completion. The Consideration will be used
by the Company for general corporate purposes . IMImobile has also
taken the decision to wind down the activities of the Payments unit
in the UK and US which represents less than 2% of the Group's gross
profit.
Having reviewed all the available options, the Board has
concluded that a sale of the VAS business unit to the highly
experienced management team is in the best long-term interests of
our customers and employees of this division.
The Board believe that the disposal of the VAS business unit
will not have an impact on the performance or prospects of the
Cloud Communications unit.
The activities of the VAS business unit predominantly focus on
delivering products which generate additional value-added content
services revenue for telecom operators and mobile application
development. The business model and target markets are different to
that of the Cloud Communications Products unit with significant
variations in go-to-market strategy as well as how customers are
served. The net book value of the assets subject to the Disposal is
approximately GBP14.0m, and for the financial year ended 31 March
2020 the VAS business unit reported a loss before tax of
GBP1.7m.
The Company will enter into a transitional services agreement
following completion to ensure business continuity.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon the
publication of this announcement via Regulatory Information
Service, this inside information is now considered to be in the
public domain.
- ENDS -
For further information, please contact:
IMImobile PLC c/o Alma PR
Jay Patel, Group Chief Executive Officer Tel: +44 (0)20 3405
0205
Mike Jefferies, Group Chief Financial
Officer
Alma PR Tel: +44 (0)20 3405
0205
Rebecca Sanders-Hewett IMImobile@almapr.co.uk
Susie Hudson
Harriet Jackson
Investec Bank - Nominated Adviser and Tel: +44 (0)20 7597
Joint Broker 5970
Henry Reast
Virginia Bull
Sebastian Lawrence
N+1 Singer - Joint Broker Tel: +44 (0)20 7496
3000
Tom Salvesen
Justin McKeegan
Iqra Amin
About IMImobile PLC
imimobile provides cloud communications software and services
that manage business-critical customer interactions at scale.
We believe that customer experience is the key competitive
advantage for consumer businesses. So, we're creating a world where
enterprises can stay constantly connected to their customers. A
world where every touchpoint, on every channel, is an opportunity
to deliver rich, engaging, intuitive experiences.
Our Customer Interaction Management (CIM) suite automates,
orchestrates and monitors interactions with disparate back-end
systems. This saves time and cuts costs for businesses, while
seamlessly connecting to customers on the devices they choose. We
deliver innovative, on-brand, business-critical customer
interactions for blue-chip global enterprises and leading
public-sector organizations including AA, Best Buy, BT, Capitec
Bank, Centrica, EE, Hermes, IHG, Mercedes, Orange, O2, Vodafone and
Walgreens.
imimobile is a global business with offices across the UK, USA,
Canada, India, South Africa and UAE. With over 1,100 employees,
imimobile is quoted on the London Stock Exchange with the TIDM code
IMO.
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