Assignment of Risksmart IPR

    RNS Number : 7277V
  Wyatt Group PLC
  02 June 2008
   

    Wyatt Group Plc - Assignment of Risksmart IPR

    Wyatt Group Plc ("Wyatt"), the AIM listed specialist employment consultancy group, announced on 1 February 2008 the sale of the trade
and selected assets, including a non-exclusive licence to use proprietary software, of Risksmart Limited ("the Licence") to Risksmart
Services Limited, a company owned and run by the existing management team for a nominal consideration together with the assumption of
certain liabilities and payment of commissions totaling approximately �70,000.

    Wyatt further announced on 21 February that it had agreed to sell the Risksmart debtor book to Risksmart Services Limited for a
consideration of a maximum of �100,000 payable in installments (over a maximum period of 12 months plus an additional 25% of all receipts
collected in excess of �100,000.  

    Wyatt is now pleased to announce that it has agreed a variation to the terms of the Licence under which Risksmart Services Limited has
agreed to pay the sum of �50,000 (plus VAT) to Wyatt (comprising a payment of �5,555.56 already made and a further eight equal monthly
installments commencing following completion), following which the Licence will become an exclusive perpetual licence and payment of the
commissions will cease.

    This transaction completes the disposal by Wyatt of all assets owned and operated by Risksmart Limited in accordance with the board's
strategy announced on 21 December 2007.

    Peter Wilson, who was a director of Risksmart within the last 12 months, is a director of Risksmart Services Limited and therefore the
variation of the Licence is classified under the AIM Rules as a related party transaction. The Directors of Wyatt having consulted with
their nominated adviser, Blue Oar Securities Plc, consider that the terms of this transaction are fair and reasonable insofar as the
Company's shareholders are concerned.


 Enquiries:

 Wyatt Group PLC                 www.wyattgroup.co.uk
 Bob Holt, Chairman              07778 798 816
 David Curtis, Finance Director  0845 450 9110

 Blue Oar Securities Plc         www.blueoarsecurities.co.uk
 John Wakefield / Marc Davies    0117 933 0020


This information is provided by RNS
The company news service from the London Stock Exchange
 
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