Acquisition
September 25 2000 - 5:43AM
UK Regulatory
RNS Number:4488R
White Young Green PLC
25 September 2000
ACQUISITION
White Young Green Plc ("WYG") the multi-disciplinary
engineering consultancy and project managers is pleased
to announce the acquisition of the Bristol based
consulting engineering business and certain assets of
Hartley White and Partners ("HWP").
In the year to 31 March 2000 the partnership accounts
adjusted for agreed Partners employment costs made a
profit before tax of #102,832 on a turnover of #603,059.
The Partners, Tony Hartley and Kelvin Boot will become
employees of WYG following the acquisition.
The consideration is #938,037 which will be satisfied by
a cash payment of #258,038 and by the issue of 391,256
ordinary shares in WYG. The value of the net assets
being acquired amounts to #75,537. Application has been
made to the London Stock Exchange Limited for the
admission of these shares. Dealings are expected to
commence on 29 September 2000.
The acquisition of HWP introduces to WYG skills that are
complementary to the existing WYG services available to
clients in the region together with a new client base.
The employees of HWP will relocate to existing WYG
premises.
The Company announces today that it has utilised the
authority granted by shareholders at the Annual General
Meeting held on 1 December 1999 to issue 1,000,000 new
ordinary shares for cash (representing 4.5 per cent of
the current issued share capital of the Company) at a
price of 172p per share. The placing has raised
#1,720,000 for the Company, before expenses.
Application will be made to the United Kingdom Listing
Authority ("UKLA") for these shares to be admitted to
trading on the Official List of the UKLA and it is
anticipated that dealings will commence on Friday 29
September 2000.
The acquisition of HWP is the eighth acquisition
undertaken by the Company since March 1998 and the
proceeds of the placing will enable the Company to pursue
this successful strategy into the future.
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