Kainos Group plc Mount Charles & Bankmore Square, Belfast (2276I)
RNS Number : 2276I
Kainos Group plc
03 August 2023
3 August 2023
Kainos Group plc
("Kainos" or the "Company")
Mount Charles & Bankmore Square, Belfast
Kainos Group plc (KNOS), a UK headquartered IT provider with
expertise across three divisions, Digital Services, Workday
Services and Workday Products, today announces that it has
completed contracts in connection with the formal sale of its Mount
Charles, Belfast site, for a total consideration of GBP1.45m to
Queens University Belfast ("QUB").
The price agreed for the Mount Charles site was the best price
obtainable after an open market disposal process. Kainos decided to
sell the Mount Charles site because of the Company's decision to
proceed with the development of its new offices at Bankmore Square,
The sale of the Mount Charles site is in addition to the
Bankmore Square update, dated 18 October 2022. The Company intends
to sell 60% of its existing Bankmore Square site to QUB for a total
consideration of GBP6.2m. Contracts for the Bankmore Square site
have been exchanged, with contract completion planned for December
2024, pending receipt of planning.
The aggregate consideration payable by QUB for the Mount Charles
and Bankmore sites, (together the "Transactions") will be GBP7.65m.
As QUBIS Ltd ("QUBIS"), a wholly owned subsidiary of QUB, was a
substantial shareholder of Kainos within the last twelve months, it
is deemed a 'related party' of the Company for the purposes of
Listing Rule 11.1.4R. Accordingly, the transactions by QUBIS
constitute a 'smaller related party transaction' for the purposes
of Listing Rule 11.1.10R.
Brendan Mooney, Chief Executive Officer of Kainos, said:
"Following the expansion of our offices in Upper Crescent, we
have decided to sell our offices in nearby Mount Charles, so that
they can continue to contribute to a vibrant community in the
University Quarter. We also remain on schedule with plans for our
new purpose-built office at Bankmore Square and we look forward to
welcoming colleagues and customers to our new home in late
For further information, please contact:
Kainos via FTI Consulting LLP
Brendan Mooney, Chief Executive Officer
Richard McCann, Chief Financial Officer
Investec Bank plc +44 20 7597 5970
Patrick Robb / Ben Griffiths
FTI Consulting LLP +44 20 3727 1000
Dwight Burden / Kwaku Aning
About Kainos Group plc
Kainos Group plc is a UK-headquartered IT provider with
expertise across three divisions: Digital Services, Workday
Services, and Workday Products.
-- Digital Services develops and supports custom digital service
platforms for public sector, commercial, and healthcare customers.
Our solutions transform the delivery of these services, ensuring
they are secure, accessible, and cost-effective, and provide better
outcomes for users.
-- Workday Services specialises in the deployment of Workday,
Inc.'s Finance, HR and Planning products to leading organisations
across Europe and North America. We are one of Workday's most
respected partners, experienced in complex deployment and trusted
by our customers to launch, test, expand, and support their Workday
-- Workday Products develops products that complement Workday.
Our Smart product suite, including Smart Test (for automated
testing), Smart Audit (for compliance monitoring), and Smart Shield
(for data masking), are used by more than 350 customers globally to
safeguard their Workday systems.
Our people are central to our success. We employ more than 2,900
people in 22 countries across Europe and the Americas.
We are listed on the London Stock Exchange (LSE: KNOS) and you
can discover more about us at www.kainos.com .
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(END) Dow Jones Newswires
August 03, 2023 05:41 ET (09:41 GMT)
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