Accuma Group plc
AIM : ACG

Accuma Group plc

August 31, 2005 02:26 ET

Accuma Group plc: Acquisition and Placing

LONDON, UNITED KINGDOM--(CCNMatthews - Aug. 31, 2005) - Accuma Group plc ('Accuma' or the 'Group') (AIM:ACG), a leading provider of personal debt advice specialising in Individual Voluntary Arrangements (IVAs), today announces the acquisition of Wilson Phillips Limited ("Wilson Phillips"), a personal insolvency practice, for a total consideration of Pounds Sterling 3,335,000. The acquisition will be funded by a placing of 1,935,500 new ordinary shares at a placing price of 155p, raising Pounds Sterling 3 million before expenses.

Wilson Phillips is a personal insolvency practice located in Blackburn, Lancashire. It was established in May 1999 and currently employs 23 staff. During the year ended 31st May 2005, Wilson Phillips reported turnover of Pounds Sterling 1.13 million from which it made a pre-tax profit of Pounds Sterling 230,000.

Wilson Phillips operates within the same market as Accuma although it generates its clients from strategic relationships with other financial intermediaries. It currently has Pounds Sterling 2.4 million of future contracted revenues and an estimated 2.2% share of the UK IVA market with a monthly run rate of 40 cases.

Accuma will acquire Wilson Phillips for an initial consideration of Pounds Sterling 2,668,000. Up to a further Pounds Sterling 667,000 may become payable after six months upon the completion of an agreed number of IVA cases. This can be satisfied in cash or shares at a price of 155p per share at the discretion of the vendors subject to a minimum cash payment of Pounds Sterling 166,750.

Of the Pounds Sterling 2,668,000, Pounds Sterling 250,000 will be satisfied by the issue of 161,291 ordinary shares in the Group and will be subject to a two year lock-in.

Accuma has applied for the 2,096,791 new ordinary shares issued pursuant to the acquisition and the placing to be admitted to trading on AIM on 6 September 2005.

Charles Howson, Chief Executive of Accuma Group, commented:

"I am delighted to announce the acquisition of Wilson Phillips as this further enhances the strong organic growth that Accuma has achieved since listing in March. Our market share continues to grow and this acquisition will ensure that the Group continues to meet demand for its services both from the public directly and from increased referrals from other financial intermediaries."



For further information:

Accuma Group plc
Charles Howson, Chief Executive Tel: +44 (0) 0161 235 6460
charles.howson@accumagroup.com www.accumagroup.com

Daniel Stewart & Co.
Marc Young / Tom Jenkins Tel: +44 (0) 20 7776 6581
marc.young@danielstewart.co.uk

Media enquiries:
Abchurch
Peter Curtain / Chris Lane Tel: +44 (0) 20 7398 7700
chris.lane@abchurch-group.com www.abchurch-group.com


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