9th Aug 2006 16:33
Farley Group PLC09 August 2006 Farley Group Plc Acquisition of Humberts franchised office in Petersfield Farley Group ("Farley" or the "Company") today announce that it has acquired thebusiness and certain assets of the Petersfield office of Humberts, which iscurrently run on a franchised basis ("Humberts Petersfield"). The assets include30 per cent. of the issued share capital of Humberts Chichester Limited, whichis also run on a franchised basis. The consideration for the acquisition is £1.02 million, payable as to £720,000in cash with the reminder being satisfied through the issue of 491,803 ordinaryshares in Farley. Application has been made for these new ordinary shares to beadmitted to trading on AIM with admission is expected to occur on 15 August2006. Following the issue of these new ordinary shares, the issued share capitalof Farley will be 39,741,957. Humberts Petersfield had consolidated net assets of £45,366 as at 31 July 2005and made trading profits before drawings for the year to 31 July 2005 of£250,000. The Company also announces that due to operational issues, talks relating to theacquisition of Moretons have been put on hold and will be reviewed in 2007. Max Ziff, Chief Executive of Farley, commented: We are delighted that William Wilson, owner of Humberts Petersfield, has decidedto join Humberts in a senior capacity with responsibilities for our offices inPetersfield and Chichester as well as overseeing the growth of the Humbertsbrand in West Sussex, Hampshire and Surrey. William is a highly respectedprofessional in the South East of England and I welcome him on to the HumbertsLtd board. For further information, contact: Farley Group Plc - 020 7318 1273Max Ziff, Chief Executive OfficerNigel Cartwright , Chief Financial Officer Corporate Synergy Plc - 020 7448 4400John Prior/David Seal Sky Communications - 020 7385 6999Julia Arnold This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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