It has also reached an agreement for the disposal of its interest in the property at Vincent Square.

It said the sale to Bisnode was subject to shareholder approval which would be sought at an extraordinary general meeting on 4 January.

The firm will receive ?7m initially plus a 'balance consideration' of ?350,000, subject to adjustments to take in account the actual net cash and adjusted working capital amount on 31 December.

The current outstanding Barclays Bank PLC loan of ?3,900,000 plus accrued interest and certain bank fees will be repaid in full on completion of the sale of Directinet and Netcollections.

The board also said the Group had acquired an option to assign the Vincent Square leases to the landlord's ultimate parent company shortly after the completion of the proposed sale of Directinet and Netcollections.

The net cost of these assignments will be approximately £1,000,000 which will be satisfied out of the sale proceeds of Directinet and Netcollections.

The board proposes changing the company name to Directex Realisations Plc and delisting from AIM.

Story provided by Business Financial Newswire