ANS Group has sharpened its focus on core business and acquisition targets having disposed of its 80% interest in RSS Web to Lowry Investment Capital for a consideration of £300,000.
In a statement ANS said that RSS had not been integrated into the Group and had become non-core business. ANS Group Finance Director, Chris Malthouse, commented: "I would like to thank the RSS staff for their contribution over the past 12 months and wish the company success moving forwards. This disposal allows the Group to move forward and focus on the significant acquisition opportunities currently presented to it."
The consideration will be payable to ANS Group as an unsecured loan note carrying 8% interest for the life of the loan until it expires. The Group initially acquired its interest in RSS on 27 July 2007 for the consideration of 1,000,000 shares in its subsidiary Smart Identity that was floated onto the PLUS market on 20th September 2007.
Lowry Investment Capital is a trust wholly owned by The Scott Fletcher 2008 Discretionary Settlement. Scott Fletcher is the CEO of ANS Group and Chairman of Lowry Investment Capital.
CLICK HERE to view Comms Dealer's latest ABC certificate
Industry News
'If you are worried about laying off engineers, why not re-deploy them in sales while the installations side picks up? You often find that the best dealers are former engineers who have a broad knowledge of the industry, who customers trust to give them sound advice and a solution that works for them.'
Chris Burney, Head of Retail Sales, Daisy
UK PBX and IP PBX market Q3 2009 market report