31st Mar 2008 07:02
RPS Group PLC31 March 2008 RPS GROUP PLC ("RPS" or "the Group") Acquisition of Rudall Blanchard Associates Group Ltd (trading as "RBA"). RPS announces the acquisition of RBA, a consultancy based in the UK, withoffices in the US and Australia, providing health, safety and environmentaladvice to the oil and gas, renewable energy and petro-chemical industries. RBA was established in 1992 and operates from headquarters in central London andoffices in Aberdeen, Brisbane and Houston. It provides a broad range of health,safety and environmental services to blue chip clients in the oil and gas,renewable energy and petrochemical industries. RBA will be integrated with RPS's existing energy business in the UK, Australiaand the US. The business was purchased from the founder and managing directorand two of his fellow directors. They have all signed service agreements andwill be remaining with RPS. The other 54 RBA staff are also all remainingwith RPS. In the year ended 31 August 2007, RBA had revenues of £4.5 million, profitbefore tax of £0.9 million and net assets of £1.7 million. RPS is acquiring the entire share capital of RBA for a maximum totalconsideration of £ 6.0 million of which £4.8 million will be paid in cash and£1.2 million in new RPS shares. £ 3.6 million was paid at completion in cash.Subject to certain operational conditions being met, the balance of theconsideration, £ 2.4 million, will be paid, in two equal parts, on 28 March in2009 and 2010 respectively. Both payments will be split equally between sharesand cash. The number of shares to be paid will be determined by reference tothe RPS share price at the time of issue. Application will be made to the UK Listing Authority and to the London StockExchange for listing of new RPS shares to be issued as part of theconsideration. Once issued, in March 2009 and March 2010, they will rankequally with the ordinary RPS shares in issue at that time. Brook Land, Chairman of RPS commented: "Providers of energy, whether oil and gas or from renewable sources, are underincreasing pressure to demonstrate that their sources of supply areenvironmentally sound and the methods of securing those supplies aresustainable, safe and secure. These are important drivers in our fast growingEnergy business. The addition of RBA's extensive skills is a significantdeepening of our capability in these areas." 31 March 2008 RPS is an international consultancy providing advice upon the development ofnatural resources, land and property, the management of the natural and builtenvironments and the health and safety of people. We trade in the UK, Ireland,the Netherlands, Poland, North America, South East Asia and Australia andundertake projects in many other parts of the world. ENQUIRIES RPS Group plcDr Alan Hearne, Chief Executive Tel: 01235 863 206Gary Young, Group Finance Director College HillJustine Warren Tel: 020 7457 2020Matthew Smallwood This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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