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ReThink Group

  • BY: Andrew Hore |
  • POSTED: 11/11/2013 |

Recruitment services provider ReThink Group is selling its technology services division to its management.

Aiimi generated a contribution of £2,000 on net fee income of £880,000 in the first half of 2013 so it was not a significant contributor to the group. ReThink will receive an initial £220,000 in cash plus an interest bearing loan note of £200,000 payable on 1 February 2014. Aiimi’s boss Steve Salvin will lodge his 3.09% stake in ReThink with its broker Shore Capital. The shares will either be sold for the benefit of ReThink or bought back by the group.

ReThink returned to profit in the first half of 2013. Net fee income from continuing operations rose from £9.3m to £9.5m. Profit from continuing operations improved from £421,000 to £683,000.

At 6.38p a share, ReThink is valued at £7.43m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2013_49.pdf

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