The Board of Cyberes has announced that the Company has completed its acquisition of Corporate Travel Holdings Limited (“CTH”) and accordingly the 8,866,000 new ordinary shares issued pursuant to the placing are expected to be admitted to trading on AIM with effect from 17 February 2004.
Further to the Company’s announcement on 4 February 2004, the Company has agreed with the vendor to defer £400,000 of the completion monies and will accordingly reduce its debt finance for the acquisition by an equivalent amount. The deferred consideration will be payable in two tranches of £200,000 on the date falling 12 months and 18 months, respectively, after completion on the basis that an additional £50,000 is paid to the vendors on the date of completion.
Following the successful completion of the CTH acquisition, the Board of Cyberes plc has decided to reorganise responsibilities within its top management team to maximise future performance.
Mark Cant has been appointed Chief Executive of Cyberes plc. He will continue to perform his role as finance director until such time as a successor is found. Mark will be responsible for embedding the CTH business, executing the company’s corporate growth strategy, and leading the drive to profitability.
Tariq Malik, the principal founding director, will focus his attention on the roll-out of the new Cyberes Booking System, the delivery of the SABRE agreement, and the development of revenue streams from the use of Cyberes’s technology in the UK and Europe.
Ian White joins the plc Board and has been appointed Managing Director of Cyberes Travel Services which incorporates all of the former CTH business as well as the travel products division of Cyberes’s existing business. Ian’s responsibilities are to continue to grow profitable revenues within this business stream.
Ian McNeill, Chairman of Cyberes said, “With the enlargement of the Cyberes Group, we have taken a clear look at the roles and responsibilities that need to be undertaken and have assigned the best people to them. I am sure that with Mark, Tariq and Ian in their respective positions, we have the best combination to drive the business forward to higher levels of performance and create real shareholder value.”