The Boards of CareTech Holdings PLC and Cambian Group plc announced that they have reached agreement on the terms of a recommended acquisition of Cambian by CareTech, which is intended to be implemented by way of a scheme of arrangement of Cambian under Part 26 of the Companies Act, pursuant to which CareTech will acquire, at Completion, the entire issued and to be issued ordinary share capital of Cambian. The Transaction (on the basis that only the GI Shareholders elect for the Full Cash Alternative in respect of all of their Cambian Shares and no other Cambian Shareholder makes any election for the Full Cash Alternative in respect of any of their Cambian Shares) will result in Cambian Shareholders owning approximately 34 per cent. and CareTech Shareholders owning approximately 66 per cent. of the issued share capital of the Enlarged Group at Completion. The Enlarged Group will retain the CareTech Holdings PLC name, however, it is intended that the Cambian brand will be retained. The existing executive directors of CareTech will remain as executive directors of the Enlarged Group. Accordingly, the executive directors of the Enlarged Group will comprise Farouq Sheikh (as Executive Chairman of the Enlarged Group), Haroon Sheikh (as CEO of the Enlarged Group) and Michael Hill (as CFO of the Enlarged Group). John Ivers will be the COO of the CareTech operations within the Enlarged Group. Joining the senior management team of the Enlarged Group from Cambian will be Anne Marie Carrie (as COO of the Cambian operations within the Enlarged Group), who will report to Haroon Sheikh. Karl Monaghan, James Cumming and Michael Adams will remain as non-executive directors on the Board of CareTech. It is CareTech's intention to add two additional non-executive directors to its Board within three months of Completion. Alongside these additional non-executive appointments, it is expected that Michael Adams will become an executive director of the Enlarged Group. Each of the non-executive directors of Cambian has confirmed that he intends to resign from the Cambian Board conditional upon, and with effect from, Completion.