AEC Education plc, is an AIM listed company which provides English language training, professional education, higher education, workplace training and examination and certification services from locations in the UK, Singapore, Malaysia and elsewhere in the Far East.
AEC Education plc, a higher eductation, vocational training and English language business, has agreed to sell its non-core examinations subsidiary, Educational Resources Pte Ltd, or ER, to Pearson Education South Asia Pte. Ltd. for £2.5 million in cash.
The deal also includes a deferred payment equal to the cash realised by Pearson from selling 3m shares it holds in AEC. At the current market bid price this would net AEC a further £270k.
For the year ended Dec. 31, 2011, ER contributed revenue of S$3.92 million Singapore dollars (approx. £2m) representing 10.5% of overall Company revenue; EBITDA of S$205,651 (£0.10 million) and total assets as at Dec. 31, 2011 of S$6.54 million (£3.3 million). The Company said the sale proceeds will be used to expand its core businesses.
The shares were up by more than 14% on the news, valuing the Company at approximately £3.8 million.All company news →
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