On 3 January 2011 the interest in Vakcollege Groep B.V. in the Netherlands was increased from 20% to 80%. The transaction was finalised at the aforementioned date. The acquisition price of the shares equalled € 4 million. The remaining 20% of the shares will be purchased at the end of 2016 for a price that will depend on the profitability in the years 2012 up to and including 2016 but which will not exceed € 12 million.
The group made two acquisitions in Switzerland. On 4 January 2011 100% of the shares in Intra-Personal GmbH was purchased. The acquisition price of the shares amounted to CHF 0.2 million (€ 0.2 million). On 17 February 2011 100% of the shares in Uniman S.A. was acquired for a price of CHF 4.0 million (€ 3.1 million). Furthermore, an earn-out agreement is in place which could lead to a subsequent payment of no more than CHF 2 million in 2015.
The activities of both Intra-Personal and Uniman complement our existing operating company Start People S.A.