Recruiter ILX to make reverse takeover of Progility
11 September 2013
UK-based training, consultancy and recruitment group ILX is set to acquire Australian communications services firm Progility – with the new company then becoming known as Progility in a reverse takeover.
Wed, 11 Sep 2013UK-based training, consultancy and recruitment group ILX is set to acquire Australian communications services firm Progility – with the new company then becoming known as Progility in a reverse takeover.
ILX would pay £15.97m for the company. In the year to 30 June, Progility reported revenue of AUS$41.2m (£24.3m), up from $31.6m in the previous year.
The new company would have four “pillars of revenue”, ILX says, namely consulting, training, recruitment and technology solutions. The firm’s independent directors said the move “should reduce the group’s dependence on its training business, whose revenues have been under pressure for some time”.
In its statement ILX notes that Wayne Bos, who is a director of both firms, has not taken part in the board’s deliberations concerning the acquisition.
ILX shareholders’ approval will be sought at the general meeting on 3 October 2013, with the acquisition to take place the following day.
ILX would pay £15.97m for the company. In the year to 30 June, Progility reported revenue of AUS$41.2m (£24.3m), up from $31.6m in the previous year.
The new company would have four “pillars of revenue”, ILX says, namely consulting, training, recruitment and technology solutions. The firm’s independent directors said the move “should reduce the group’s dependence on its training business, whose revenues have been under pressure for some time”.
In its statement ILX notes that Wayne Bos, who is a director of both firms, has not taken part in the board’s deliberations concerning the acquisition.
ILX shareholders’ approval will be sought at the general meeting on 3 October 2013, with the acquisition to take place the following day.
