IN BRIEF: Staffline to return PS7.5 million after selling PeoplePlus

Staffline Group PLC - Nottingham, England-based flexible staff recruitment in UK and Ireland - Starts share buyback to return proceeds from the disposal of PeoplePlus Group Ltd, a subsidiary that provides workplace training and employability services, to Talent International (UK) Ltd, a subsidiary of Swipejobs Holdings Pty Ltd. Staffline will receive £12.0 million in cash. However, as the deal is on a cash-free, debt-free basis, this is subject to a deduction of £5.1 million in advanced payments received on future revenue. Net proceeds are expected to be £6.9 million, of which £2.0 million is deferred and contingent on potential new customer contracts being signed.

Staffline will return £7.5 million to shareholders via the share buyback, which starts on Tuesday. It says that amount is based on the proceeds from the PeoplePlus sale and predicted cash flows and financing headroom.

Current stock price: 28.02 pence, up 17% in London on Tuesday

12-month change: down 4.9%

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