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Manchester-based ReThink Group plc (RTG.GB:PLU), the staffing and technology consulting firm, has announced the acquisition of Trustech Limited, a London-based consultancy for an undisclosed price and the subscription of shares. The company says in a statement:
"The Company announces that it has acquired the whole of the issued share capital of TrustTech Limited, a company owned by Iain Halliwell, for a nominal cash consideration at completion. In addition, the Company has agreed to pay deferred consideration of up to 450,000 Ordinary Shares in the Company, dependent on certain milestones being achieved by Trustech Limited."
"Furthermore, Iain Halliwell [Trustech's owner) has subscribed for 200,000 ordinary shares in the Company at a price of 8 Pence per share. Application will be made for 200,000 ordinary shares in the Company to be admitted to trading on the AIM market and dealings are expected to commence on 24 March 2010."
ReThink Group operates in two segments: recruitment and consultancy. The Company's recruitment businesses include ReThink Recruitment Solutions Ltd, KeyPower Consultants Limited, ReBuild Recruitment Services Ltd and Integritas Ltd. Its business and consulting division includes Aiimi Limited, previously known as ReThink Professional Services Limited.
As of last trade, ReThink Group's shares traded at 7.50 Pounds, 66.67% above the post-IPO low of 4.50 Pounds set on 6 May 2009.