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Minorplanet bought out of administration for £2.7m
Page 9
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TELEMATIC'S PROVIDER Minorplanet Systems has secured the short-term future of its UK operations following its sale to a newly formed subsidiary. MPS 2010.
The business and certain assets of the UK arm were bought out of administration by MPS for #27m. MPS has also acquired the intellectual property rights of all Minorplanet Systems subsidiaries.
Minorplanet Systems holds 75% of MPS's shares, while South Africa-based vehicle tracking specialist DigiCore International Holdings owns the remainder. MPS is funded by a £3m loan from DigiCore. DigiCore's payment to Minorplanet Systems will be used to repay the secured and unsecured creditors of Minorplanefs UK arm.
DigiCore's loan carries interest of 5% a year and is due to be repaid on 14November. Upon full repayment of the loan, DigiCore's shareholding in MPS reverts to Minorplanet Systems.
In a statement issued to the Stock Exchange on 14 May, Minorplanet Systems says: "DigiCore's involvement in MPS 2010 is expected to bring wider commercial benefits. It combines the strengths of Minorplanet in the UK SME market with DigiCore7s commercial presence and established position in the corporate market."
As a result of the Minorplanet UK business being in administration, the winding-up petition lodged against it (initiated by HM Revenue & Customs in order to recover debts of about £2m) has been suspended.