Monday, 04 February 2008 10:46

Peoplebank Now Australia's Largest IT&T Recruiter

By Shuna Boyd
Peoplebank Australia Limited’s (ASX: PBA) General Meeting this morning passed both resolutions presented to its shareholders in order to provide funding for the $100 million Ambit acquisition as announced in a press release dated 17th December 2007. Resolutions were passed on a show of hands with voting of proxies at 99.5% in favour of the resolution.

 

Leon Lau, Peoplebank’s Managing Director, told shareholders that the Board had been working towards the Ambit acquisition for 12 months. The union of the two companies provides a foundation upon which to build a great company. Lau continued that with the integration of the two businesses, Peoplebank has a leadership team unparalleled within the recruitment industry. Peoplebank is also number 1 in all states and territories for IT&T recruitment with over 3500 contractors and a database of over 200,000 candidates.

Lau highlighted the importance of the database in a skills-short market in which candidates do not apply as readily to job advertisements. Peoplebank’s finely-tuned database is an essential tool to network amongst Australia’s top IT&T professionals. Peoplebank has developed several talent pools of highly sought-after IT&T professionals and with the additional Ambit candidates, these talent pools have grown significantly.

Shareholders also stand to benefit from this with Peoplebank’s market capitalisation now over $100M. This may mean a re-rating for Peoplebank’s trading multiple, allowing for a broader category of potential investors to invest in Peoplebank shares.

The meeting concluded with Mr Lau announcing Peoplebank’s integration of the two businesses, “Project Oneteam”, that commenced planning in early January. This plan will now be implemented. Project Oneteam covers Peoplebank’s entire business and aims for a smooth transition of both companies’ staff, clients, contractors and candidates.

For further information, please contact either:

* Leon Lau, Managing Director, Peoplebank 02 9220 8000

* Peter Acheson, COO, Peoplebank 0412 550 463

ENDS

About Peoplebank

Established in 1990, Peoplebank is a Public Company listed on the Australian Stock Exchange (ASX:PBA) which offers executive, permanent and contract recruitment solutions to the Corporate and Government sectors. Peoplebank has over 100 staff with offices in Adelaide, Brisbane, Canberra, Melbourne, Perth and Sydney which provide recruitment solutions to in excess of 350 clients and 1,100 contractors nationally. www.peoplebank.com.au

About Ambit

Ambit is Australia’s largest privately owned recruitment company, with revenues in excess of $300 Million annually, and is one of Australia’s leading IT, Engineering and Finance Banking recruitment companies with 20 years of experience; a network of offices across Australia in Adelaide, Brisbane, Canberra, Melbourne Perth and Sydney; over 170 staff; and in excess of 110 Preferred Supplier Agreements. www.ambit.com.au

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