Disposal of Parity Training
Disposal of Parity Training and Introduction of a Senior Executive Option Plan
The Board of Parity are pleased to announce that it has agreed the disposal of Parity Training, its training division, to ECS Limited for a total cash consideration of up to 3.0 million. In addition, the Board announces the proposed introduction of a senior executive option plan.
Proposed disposal of Parity Training for a total cash consideration of up to 3.0 million.
Following the disposal, Parity will be in a stronger financial position and will be focused on growing its two main divisions, Resources and Solutions.
The disposal is conditional on Parity Shareholder approval.
Adoption of a new Senior Executive Option Plan to retain and motivate the current senior management, conditional on Parity Shareholder approval.
Alwyn Welch, Chief Executive of Parity, said:
"Having been frustrated in our proposed disposal of Parity Training to Xpertise in August 2008, we are pleased to announce that we have now reached agreement to sell the business to ECS.
"The disposal means that Parity will be in a stronger position, both financially and strategically, to focus on and grow its Resources and Solutions businesses, whilst Parity Training will be better able to continue its development as part of a company which focuses solely on training."