Acquisition
January 22 2008 - 7:11AM
UK Regulatory
RNS Number:2817M
Babcock International Group PLC
22 January 2008
22 January 2008
Babcock International Group PLC
Acquisition of INS Innovation Ltd
On 31 August 2007, Babcock International Group PLC ("Babcock") announced the
close of its offer to acquire all the issued shares in International Nuclear
Solutions plc ("INS") at which time Babcock had acquired or had received valid
acceptances for 63.6 per cent of the issued share capital of INS. After taking
into account subsequent market purchases, Babcock now owns approximately 68 per
cent. of the issued share capital of INS.
Babcock today announces it has entered into an agreement with INS for the
acquisition of 100 per cent of the issued share capital of INS Innovation
Limited ("INS Innovation") for �39.8 million to be satisfied in cash and by the
assumption by Babcock of certain indebtedness owed to INS Innovation by INS. INS
Innovation is the sole operating business of INS. The acquisition is subject to
the approval of INS shareholders by ordinary resolution at a general meeting to
be held on 15 February 2008. As soon as practicable following the completion of
the transaction INS intends to declare a special dividend of approximately �37.2
million, equivalent to approximately 58.8 pence per INS ordinary share.
The Board of INS is also seeking shareholder approval by way of special
resolution for the cancellation of the quotation of INS' ordinary shares on AIM
following completion of the disposal.
Babcock intends to vote in favour of both resolutions.
Completion of the acquisition of INS Innovation is expected to take place on or
around 18 March 2008.
Further details of the proposed disposal are set out in a circular which is
being posted to INS shareholders today and which is available on the INS website
(www.ins-innovation.com).
Enquiries
Babcock
Peter Rogers Tel: 020 7291 5000
Bill Tame
Financial Dynamics Tel: 020 7269 7121
Andrew Lorenz
This information is provided by RNS
The company news service from the London Stock Exchange
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