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KELLAN GROUP PLC - AGM STATEMENT - TRADING UPDATE

KELLAN GROUP PLC - AGM STATEMENT - TRADING UPDATE

Kellan Group plc yesterday held its Annual General Meeting, Tony Reeves, co-chairman of Kellan Group Plc, provided the following update on trading for the Group, for the period from 1 January 2010 to 30 April 2010.

"As we highlighted in our 2009 year end results statement, the deep and rapid decline into recession continues to present us with a demanding environment for UK recruitment. However, we have started 2010 with a much stronger performance than 2009 and we are optimistic that our revenues will continue to grow throughout the year. The Group achieved an increase in revenues and net fee income in the first quarter of 2010 compared to the final quarter of 2009, with a considerable reduction in the operating loss over the same period.

"Demand for our services remains difficult to predict and overall our trading areas are very competitive with many of our peers chasing the same business. However, in most of our businesses we have been successful in gaining exclusivity on an increasing number of assignments and this remains a focus for us throughout the year ahead.

"In February we issued a Convertible Loan Note to raise 1m, strengthening the Company's balance sheet and enabling us to continue to meet our repayment obligations on outstanding long-term debt, whilst also maintaining sufficient working capital for our day-to-day requirements.

"We are also pleased to be able to offer the employee SAYE scheme for a second year running, recognising the importance and value of our people to the business."
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The company also announced the Surrender of NED Options

The three Non Executive Directors of Kellan agreed to surrender in full their existing entitlement to options granted to them under the Company's 2008 unapproved NED share option scheme ("NED Scheme"). The purpose of this is to create sufficient option headroom to enable a second tranche of options to be granted to all participating employees pursuant to the Company's approved Save As You Earn share option scheme ("SAYE Scheme").

Tony Reeves, Co-Chairman of the Company waived his entitlement to options for the purchase of 1,741,727 Ordinary Shares of 2p each ("Ordinary Shares") granted under the NED Scheme. Mr. Reeves retains a beneficial interest in 13,047,251 Ordinary Shares representing 14.98 percent of the issued share capital.

Furthermore, John Bowmer, Co-Chairman of the Company also waived his entitlement to options for the purchase of 1,741,727 Ordinary Shares granted under the NED Scheme. Mr. Bowmer retains a beneficial interest in 13,047,251 Ordinary Shares representing 14.98 percent of the issued share capital.

Additionally Michael Jackson, Non Executive Director of the Company waived his entitlement to options for the purchase of 870,863 Ordinary Shares granted under the NED Scheme. Mr. Jackson retains an interest in 2,117,482 ordinary shares of 2p representing 2.43 percent of the issued share capital.

The Company intends to grant the options to participating employees under the SAYE scheme ahead of the closing date on 20th May 2010. A further announcement will be made in due course.

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