Acquisition of Minority Interest

Empresaria, the global specialist staffing group, announces the acquisition of 20% of the issued share capital of Empresaria Philippines Holdings Limited ("EPHL"), the UK holding company of Empresaria's Philippines subsidiary, Monroe Consulting Philippines, Inc. ("Monroe Philippines"), taking its shareholding in EPHL to 100% ("Acquisition"). Empresaria has a long-term policy of purchasing minority interests where it sees real value for shareholders and each acquisition is assessed on performance of the underlying entity.

The shares were acquired from Monica Viladot Medina, the former managing director of Monroe Philippines who left the Group in May 2024. Consideration for the shares is £0.4m, to be paid in cash from the Group's existing bank facilities, half on completion and half on (or within) twelve months of completion.

In 2023, Monroe Philippines contributed £1.4m to the Group's net fee income, £0.4m to the Group's adjusted profit before tax and had net assets of £0.6m as at 31 December 2023.

Related Party Transaction

The Acquisition of the outstanding interest in EPHL from Monica Viladot Medina, the former managing director of Monroe Philippines, is considered a related-party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The directors of Empresaria, all of whom are independent of the Acquisition, consider, having consulted Singer Capital Markets Advisory LLP, the Company's nominated adviser, that the terms of the Acquisition are fair and reasonable insofar as Empresaria's shareholders are concerned.