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Servoca Plc - Acquisition of minority interest in subsidiary undertaking

Servoca Plc - Acquisition of minority interest in subsidiary undertaking

Servoca, the AIM listed specialist outsourcing and recruitment solutions provider, is pleased to announce that it has acquired the minority interest in its subsidiary undertaking, Triple West Medical Limited ("Triple West"), for an aggregate sum of 492,392, comprising both shares and cash.

Triple West was established in January 2008 as a specialist Doctors Recruitment Agency sourcing for locum and permanent positions in both the NHS and Private Sectors. In accordance with the terms of the Shareholders' Agreement, the consideration has been satisfied by the issue of 2,984,194 new Ordinary Shares in the Company and the payment of 246,196 in cash.
Application has been made to the London Stock Exchange for the new Ordinary Shares issued pursuant to the settlement of the consideration to be admitted to trading on AIM and admission is expected on 9 May 2011.

Following the issue and allotment of the new Ordinary Shares, the total enlarged issued ordinary share capital of the Company will be 125,575,953 shares of 1p each. The Company holds no shares in Treasury therefore the total number of voting rights will be 125,575,953. This figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in the Company under the Disclosure and Transparency Rules.

As previously announced, the Company will announce its interim results to 31 March 2011 in mid June.

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