Irish Acquisition
October 09 2007 - 3:01AM
UK Regulatory
RNS Number:3535F
White Young Green PLC
09 October 2007
For Immediate Release 9 October 2007
White Young Green Plc ("WYG")
Acquisition of P H McCarthy Consulting Engineers Limited
White Young Green ("WYG"), consultant to the built, natural and social
environment, today announces the acquisition of the entire issued share capital
of P H McCarthy Consulting Engineers Limited the holding company of P H McCarthy
& Partners Limited (collectively "PHMP") for an initial consideration of
Euro19,500,000.
PHMP is one of Ireland's leading consulting engineering practices employing 184
permanent staff. It specialises in large public infrastructure projects in the
water and highways sectors and also has a significant private client following
in the buildings sector. Operating from offices in Limerick and Dublin (where
it was established over 100 years ago), PHMP has established a strong reputation
and following with a large number of Irish public authorities and large private
clients such as Castlethorn, SIAC Ferrovial and Roadbridge Sisk.
For the year ended 30th April 2007 the profit before taxation of PHMP as
extracted from the financial statements for that year was Euro2,556,142 on revenue
of Euro17,596,213. The gross assets of PHMP at 30th April 2007 were Euro10,625,533
and net assets were Euro5,862,209 comprising fixed assets of Euro1,044,701, current
assets of Euro10,625,533, current liabilities of Euro5,467,908 and other liabilities
of Euro340,118.
The consideration payable by WYG was Euro19,500,000 being Euro11,700,000 in cash and
Euro7,800,000 satisfied by the issue of 1,183,893 ordinary shares ("the
Consideration Shares"). Application has been made for these Consideration
Shares to be admitted to the Official List of the UK Listing Authority and to
trading on the London Stock Exchange's market for listed securities. In
addition, further consideration (payable in ordinary shares and / or cash at
WYG's option) of up to a maximum of Euro2,500,000 is due if certain performance
criteria are met in the first year of trading under WYG's ownership.
All the directors of PHMP have signed contracts of employment with the WYG
Group.
Lawrie Haynes, Chief Executive commented:
"It gives me great pleasure to welcome the directors and staff of the P H
McCarthy Group to the White Young Green family of companies. The PH McCarthy
team will give WYG Ireland a significant boost in accessing the strategically
important public infrastructure development market both in Ireland and
internationally. It also balances and complements the existing WYG Ireland
Engineering business."
For further information contact:
WHITE YOUNG GREEN PLC Tel: (0113) 2787111
Lawrie Haynes, Chief Executive Officer
Bob Hartley, Finance Director
BUCHANAN COMMUNICATIONS Tel: (020) 7466 5000
Tim Anderson / Lisa Baderoon / Rebecca Skye Dietrich
This information is provided by RNS
The company news service from the London Stock Exchange
END
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