Acquisition
January 19 2004 - 2:00AM
UK Regulatory
RNS Number:3558U
White Young Green PLC
19 January 2004
For Immediate Release 19 January 2004
WHITE YOUNG GREEN PLC
ACQUISITION OF CETEC CONSULTANCY LIMITED
White Young Green Plc ("WYG"), consultants to the built and natural environment,
today announces the acquisition of the entire issued share capital of Cetec
Consultancy Limited ("CETEC").
CETEC is a privately owned business based in Southampton. It offers specialist
structural engineering and project management services to customers throughout
the UK and is a recognised authority on the application and use of polymer-based
composite materials.
The consideration payable at completion by WYG was #700,000, being #210,000 in
cash and #490,000 satisfied by the issue of 284,059 Ordinary Shares (the "
Consideration Shares"). Application will be 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. Dealings are
expected to commence on 26 January 2004. In addition, further consideration
(payable in Ordinary Shares and/or cash at WYG's option) of up to a maximum of
#135,000 is due if certain performance criteria are met over a 36 month period
post completion.
For the year ended 31 March 2003, the profit after taxation of CETEC, as
extracted without material adjustment from the financial statements for that
year, was #95,270 on turnover of #528,253. The net assets of CETEC at 31 March
2003 were #69,718 comprising fixed assets of #4,421, current assets of #178,847
and current liabilities of #113,550.
All of the directors of CETEC have signed contracts of employment with the WYG
Group.
John Purvis, Chief Executive commented: "This is the third acquisition
completed since the fund raising exercise earlier in the month and is a
continuation of the strategy articulated at that time. CETEC will provide WYG
with complementary niche skills including finite element analysis particularly
in the context of specialist structures utilising innovative polymer-based
composite materials. It offers White Young Green access to a broad range of
high profile professionals and clients actively supporting the development of
new technologies in the field of structural materials."
For further information, please contact:
John Purvis, Managing Director and Chief Executive Tel: 0113 278 7111
Bob Hartley, Finance Director
White Young Green Plc
Tim Anderson /Rebecca Skye Dietrich Tel: 020 7466 5000
Buchanan Communications
This information is provided by RNS
The company news service from the London Stock Exchange
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