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iomart acquires minority interest in iomart internet Ltd

19th May 2004 · Investor News

iomart acquires minority interest in iomart internet Ltd

iomart Group plc (‘iomart’), the network security & internet hosting group, has today announced the acquisition of the outstanding 25% minority interest in its web services subsidiary, iomart Internet Limited ("iomart Internet") for a total consideration, payable on completion, of £102,000 in cash and 3,200,000 new ordinary share of 1p each in iomart ("the Consideration Shares"). Following the acquisition, iomart will own the entire issued share capital of iomart Internet.

iomart Internet is a web services business involved in the sale of website and search engine products to the small and micro business community. In the year ended 31 March 2004, iomart Internet generated a pre-tax profit of £530,000. As at 31 March 2004, iomart Internet had 38,000 customers and net assets of £517,000.

The minority interest in iomart Internet is held in equal parts by the founders of the company, Stuart Forrest and Mark Hallam, and the consideration will be split between them accordingly. Mr Forrest and Mr Hallam will remain as directors of iomart Internet and key members of the senior executive team of iomart.

Mr Forrest and Mr Hallam have undertaken not to sell more than 25% of their shareholding in iomart in any 12 month period for the four years following the date of this announcement and that any share sales will be conducted through iomart’s broker at the time.

Angus Macsween CEO

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