Disposal of Malvern House Ireland Limited

AEC announces that it has disposed of one of its subsidiary companies, Malvern House Ireland Limited, in which it had a 55% interest in the share capital, to Oscar World Education Limited, Ireland (the “Purchaser”). The consideration for the disposal is €660,000 (approximately £560,000) payable in cash on completion. The Purchaser will also sign a franchise agreement for one year enabling it to use the Malvern House brand name on payment of a royalty of 2.5% of tuition fee revenue per year.

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