Acquisition
June 01 2004 - 3:01AM
UK Regulatory
RNS Number:2363Z
White Young Green PLC
01 June 2004
White Young Green Plc ("WYG")
Acquisition of Hawthorne Kamm Limited
White Young Green Plc, consultant to the built and natural environment, today
announces the acquisition of the entire issued share capital of Hawthorne Kamm
Limited ("Hawthorne Kamm").
Hawthorne Kamm is a privately owned business based in Droxford in Hampshire. It
offers town planning consultancy services, predominantly in central southern
England, to clients across a wide range of sectors including, in particular,
national companies operating in the residential market.
The consideration payable at completion by WYG was #1,500,000, being #600,000 in
cash and #900,000 satisfied by the issue of 491,535 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 7 June 2004. In addition, further consideration
(payable in ordinary shares and / or cash at WYG's option) of up to a maximum of
#550,000 is due if certain performance criteria are met in the first year of
trading under WYG's ownership.
For the year ended 31 March 2004, the profit after taxation of Hawthorne Kamm,
as extracted without material adjustment from the financial statements for that
year, was #232,287 on turnover of #1,217,862. The net assets of Hawthorne Kamm
at 31 March 2004 were #520,670 comprising fixed assets of #58,953, current
assets of #727,666 and current liabilities of #265,949.
All of the directors of Hawthorne Kamm have signed contracts of employment with
the WYG group.
John Purvis, Chief Executive commented:
"This is the third acquisition completed by WYG in the strategically important
town planning sector. Hawthorne Kamm will provide WYG Planning with
complementary skills, especially with national residential housebuilders and
developers. The business will offer WYG a highly experienced team of town
planning professionals who will augment WYG's existing expertise in this
sector".
For further information, please contact:
John Purvis, Chief Executive Tel: 0113 278 7111
Bob Hartley, Finance Director
Denis Connery, Commercial 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
END
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