2nd Apr 2008 07:01
Fenner PLC02 April 2008 2 April 2008 Fenner PLC ("Fenner") Fenner acquires the assets of King Energy Services, Inc., New Mexico, USA ("King Energy") Fenner, through its wholly owned subsidiary, Fenner Dunlop Americas, Inc., ispleased to announce the acquisition of substantially all of the operating assetsand liabilities of King Energy. King Energy which is based in Farmington, NewMexico, is a privately owned business specialising in the distribution andservicing of oilfield, gas industry and mining equipment and related products. Fenner has acquired the assets for a maximum consideration of $5,650,000 ofwhich $1,002,782 will be satisfied by the issue of 217,000 shares in Fenner PLCto King Energy. Tom King, the major shareholder in King Energy will continue towork with the business as part of Fenner PLC going forward. Application will bemade to the UK Listing Authority and to London Stock Exchange plc for the newordinary shares, to be admitted to the Official List maintained by the UKListing Authority, and to be admitted to trading by London Stock Exchange plc onits market for listed securities. It is expected that such admissions willbecome effective on 7th April 2008. Mark Abrahams, CEO of Fenner PLC commented that "King Energy represents afurther development of our growth strategy in North America and enables us tooffer a full service capability in the important south west mining area. Inparticular it also strengthens our presence in the coal mining sector, whereFenner Dunlop has a major and widely recognized position countrywide". Fenner is a world leader in the field of reinforced polymer engineering. Itsproducts include lightweight and heavyweight conveyor belting for the mining andpower generation markets; precision motion control products for the officeautomation and mechanical equipment markets; sealing products for the mining,hydraulics and energy industries; and technical textile structures for medicaland industrial applications. For further information please contact: Fenner PLCMark Abrahams, Chief Executive 01482 626501Richard Perry, Finance Director Weber Shandwick FinancialNick Oborne/ Stephanie Badjonat 020 7067 0700 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Fenner PLC