SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: May 12, 1997
(Date of the earliest event reported)
RIGHT MANAGEMENT CONSULTANTS, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
(State or other jurisdiction of incorporation)
0-15539 23-2153729
(Commission (IRS Employer Identification
file number) Number)
1818 Market Street, Philadelphia, Pennsylvania 19103
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (215) 988-1588
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Item 5: Other Matters
On May 12, 1997, Right Management Consultants, Inc. (the Company) announced that
a letter of intent had been signed to acquire 51% of the existing shares of the
Australian based career management firm, Davidson & Associates, Pty., Ltd. A
copy of the press release is filed as Exhibit 99.1 of this Form 8-K.
Item 7: Exhibits
Exhibit
Number Description
99.1 Press release announcing the acquisition of a
controlling interest in Davidson & Associates, Pty., Ltd.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
RIGHT MANAGEMENT CONSULTANTS, INC.
(Registrant)
Date: May 19, 1997 By: /s/ J. Lee Bohs
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J. Lee Bohs
Executive Vice President and
Chief Financial Officer
Exhibit 99.1
FOR IMMEDIATE RELEASE
RIGHT MANAGEMENT TO ACQUIRE INTEREST IN
TOP ASIA-PACIFIC CAREER CONSULTING FIRM
May 12, 1997, Philadelphia, PA. Right Management Consultants, Inc. (NASDAQ:
RMCI) announced today it has signed a letter of intent to acquire 51 percent of
the existing shares of the Australia-based career management firm Davidson &
Associates, Pty., Ltd. to form a joint venture that will extend Right's
worldwide network of company-owned offices into the Asia-Pacific region. The
transaction is subject to the completion of definitive agreements and is
expected to be concluded on or about July 1, 1997.
Davidson & Associates has operations in all five major Australian cities, as
well as Auckland and Wellington, New Zealand, Singapore and Hong Kong, and
generated revenue of approximately US$12,500,000 for the twelve-month period
ended February 28, 1997. It was established in 1983 and is considered to be the
premier player in human resource and career consulting business in Australia.
Right's payment for a controlling interest in the firm will consist primarily of
cash, plus a portion in RMCI stock. Davidson's existing leadership will remain
in place and will retain management responsibility and its current operating
structure. Right will have options to acquire the remaining shares of Davidson &
Associates in the future.
This transaction follows the establishment of an exclusive correspondent
agreement previously announced between the two firms in October, 1996.
Commenting on the agreement, RMCI Chairman and Chief Executive Officer Richard
J. Pinola said, "Joining forces with Davidson in a partnership capacity is a
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great opportunity for us to invest with Davidson management for growth in key
markets with strong potential. We are proud to be associated with an
organization with Davidson's reputation for expertise, quality and service."
Frederick Davidson, Chairman of Davidson & Associates, said, "We have long been
looking for a partner which shared our values in terms of professional
standards, service quality and ethics, and when we speak with Right Management
about quality, about service, about adding to the worth of what we offer our
clients and candidates, we find ourselves speaking the same language. It is as
though our two firms have, on opposite sides of the world, been fashioned from
the same fabric."
Through its system of 130 offices, Philadelphia-based Right Management develops
and delivers career transition services as Right Associates, and organizational
consulting and career management services as PeopleTech. Organizational
consulting includes change management, leadership development, merger
integration, communication, executive assimilation, and a number of other
services.
Contact: G. Lee Bohs, Executive Vice President and CFO
1818 Market Street, Philadelphia, PA
215-988-1588
