Skillsoft Announces Receipt Of Irish High Court Directions For Adjourned Court Meeting And Adjourned Extraordinary General Meeting

SkillSoft PLC (NASDAQ:SKIL), a leading Software as a Service (SaaS) provider of on-demand e-learning and performance support solutions for global enterprises, government, education and small to medium-sized businesses, announced that on April 7, 2010 it received directions from the Irish High Court as to the convening of the adjourned Court Meeting in relation to the revised recommended acquisition of SkillSoft by SSI Investments III Limited, a company formed by funds sponsored by each of Berkshire Partners LLC, Advent International Corporation and Bain Capital Partners, LLC. The adjourned Court Meeting will be held at Fitzwilton House, Wilton Place, Dublin 2, Ireland, at 9:00 a.m. GMT on May 3, 2010. The related adjourned Extraordinary General Meeting will be held at Fitzwilton House, Wilton Place, Dublin 2, Ireland, at 9:15 a.m. GMT on May 3, 2010 (or as soon thereafter as the adjourned Court Meeting shall have been concluded or adjourned). SkillSoft will make a further announcement following mailing of the revised, definitive Proxy Statement (comprising the revised Scheme Document).

On March 31, 2010, the Board of SkillSoft and the Board of SSI Investments III Limited announced, pursuant to the Irish Takeover Rules, that they had reached agreement on the revised terms of a recommended acquisition for cash of the entire issued and to be issued share capital of SkillSoft by SSI Investments III Limited by means of a Scheme of Arrangement under Section 201 of the Companies Act 1963 of Ireland. As stated in the March 31 announcement, under the terms of the revised recommended acquisition, SkillSoft shareholders will receive $11.25 in cash for each SkillSoft ordinary share or American Depositary Share (“ADS”), representing a 31% premium to the average closing price of SkillSoft’s ADS over the one-year period ended on February 11, 2010 and a 15% premium over the closing price of a SkillSoft ADS on February 11, 2010. The fully diluted equity value of the transaction is approximately $1.2 billion.