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Education Development International

  • BY: Andrew Hore |
  • POSTED: 03/12/2007 |

Education services and qualifications provider Education Development International is selling its 50.4% stake in Singapore-based Educational Resources to Aim-quoted AEC Education. 

AEC is paying for the stake with 2m of its shares, which have a market value of £235,000 and is equivalent to 11% of the company. AEC’s stake in ER will increase to 85.4%. ER is also paying £450,000 for an extension of the agency agreement with EDI - £200,000 immediately and £250,000 in instalments over three years. ER markets EDI’s qualifications in south east Asia.

ER will no longer be consolidated in EDI’s figures. It contributed £22,000 to post-tax profits last year. ER wasn’t a core business and the agency agreement will continue as long as ER achieves its performance criteria. EDI shares rose 0.25p to 40.5p.

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