Education Development International Announcements

Deferred consideration update

06 October 2008 07:00:06



RNS Number : 0992F Education Development Intl PLC 06 October 2008  
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EDUCATION DEVELOPMENT INTERNATIONAL PLC

DEFERRED CONSIDERATION UPDATE
Education Development International plc ("EDI"), the leading provider of educational qualifications and assessment services, announces the outcome of the deferred consideration provisions which formed part of the agreement to acquire ASET Group Limited ("ASET"), the terms of which were announced by EDI on 19 November 2007.

Additional payments totalling £400,000 were due by EDI to the vendors, subject to achievement of specified performance criteria.  

A cash payment of £200,000, to be paid upon the satisfactory transfer of certain administrative functions within 90 working days of completion, was paid on 1 April 2008 following satisfaction of this condition. 

A further cash payment of £200,000 was to be paid upon the achievement of ASET's sales target of £2.65m for the year to 31 July 2008. Sales for the relevant period totalled £2.53m, an increase of 13.4% over the previous year's performance. However, as actual sales fell short of the sales target, the additional payment of £200,000 will not be made.

Commenting on the performance criteria, EDI Chief Executive, Nigel Snook, said:

"The administrative integration of the ASET business has progressed smoothly and was
completed at the end of September. 

"Although ASET sales fell just short of the original budget, year-on-year growth has been strong and a sound base has been established for integrating ASET services into the EDI product range and cross-selling services to existing customers."
For further information please contact:

Education Development International plc
Parkgreen Communications Limited
Nigel Snook - Chief Executive
Paul McManus
Paul Bird - Finance Director
Tel: 020 7933 8787 
Tel: 024 7651 6510
Mob: 07980 541 893
http://www.ediplc.com

paul.mcmanus@parkgreenmedia.com
Brewin Dolphin Limited

Matt Davis / Neil McDonald

Tel: 0845 213 4217
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