RNS Number:2080U
Capcon Holdings PLC
9 April 2002


Capcon Holdings plc ("Capcon" or the "Company") is pleased to announce the
acquisition of Vincent Sherman (Creditor Claims) Limited ("VSA") on 8th April
2002.

VSA currently employs 43 staff engaged in the investigation of fraud in the
insurance sector. Customers of VSA comprise some of the best-known blue chip
insurance companies in the UK.

The unaudited accounts of VSA for the year ended 31st May 2001 showed turnover
of £419,950 and a loss before tax of £9,371. Net assets at 31st May 2001 were
£4,287.

Capcon is paying a consideration of £210,000 on completion, £100,000 of which is
to be satisfied by the issue of 160,000 new ordinary shares in the Company and
the balance in cash.  Capcon will pay up to a further £250,000 over the next 6
years depending on the performance of VSA. All further payments are to be
satisfied in new ordinary shares in the Company.

In addition, the two vendor shareholders of VSA, who have entered into new
service agreements with VSA, have each been granted rights entitling them to
subscribe up to £175,000 for new ordinary shares in the Company at the
prevailing mid-market share price on the date of vesting.  Vesting of these
rights will occur in tranches of £25,000 annually if the performance of VSA
matches or exceeds pre-determined profit targets.

Application will be made for the new ordinary shares in the Company forming part
of the initial consideration to be admitted to trading on AIM, admission being
expected to occur on Friday 12th April 2002.

Commenting on Capcon's first acquisition since being admitted to AIM last May,
Chairman Ken Dulieu said:

'This is exactly the type of quality investigative business that fits with the
Board's growth strategy for Capcon. By exposing VSA to the considerable
experience and contacts we have at Capcon, we expect to increase VSA's sales in
the coming months, which in turn should start to benefit Group earnings by the
end of this calendar year.'



Enquiries:

Paul Jackson                                  020 7417 0417
Director, Capcon Holdings plc

Robert Howard                                 020 7739 8200
Charles Stanley & Company Ltd



                      This information is provided by RNS
            The company news service from the London Stock Exchange
City Pub (LSE:CPC)
Historical Stock Chart
From Oct 2024 to Nov 2024 Click Here for more City Pub Charts.
City Pub (LSE:CPC)
Historical Stock Chart
From Nov 2023 to Nov 2024 Click Here for more City Pub Charts.