28th Mar 2006 07:11
White Young Green PLC28 March 2006 White Young Green PLC White Young Green PLC Acquisition of Farningham McCreadie Partnership Limited White Young Green PLC ("White Young Green"), consultant to the built, naturaland social environment, today announces the acquisition of the entire issuedshare capital of Farningham McCreadie Partnership Limited ("FarninghamMcCreadie"). Farningham McCreadie is a privately owned town planning consultancy businessbased in Edinburgh and Belfast. The consideration payable at completion by White Young Green was £2,200,000,being £1,600,000 in cash and £600,000 satisfied by the issue of 159,456 ordinaryshares ("the Consideration Shares"). Application has been made for theseConsideration Shares to be admitted to the Official List of the UK ListingAuthority and to trading on the London Stock Exchange's market for listedsecurities. Dealings are expected to commence on 31 March 20061. Additionalconsideration of up to a maximum of £1,000,000 is payable (in either ordinaryshares and / or loan notes at White Young Green's discretion) if certainperformance criteria are met in the first year of trading under White YoungGreen's ownership. For the year ended 31 January 2005, Farningham McCreadie reported turnover of£1,606,660 and pre-tax profit after charging appropriate directors' remunerationpackages, of £293,528. As at 31 January 2005, Farningham McCreadie's grossassets were £955,677. All of the directors of Farningham McCreadie have signed contracts of employmentwith the White Young Green group. John Purvis, Chief Executive commented: "The acquisition of Farningham McCreadie is an important step in the ongoingdevelopment of our town planning business. It extends geographical coverage intoScotland and Ireland and brings with it an excellent reputation and strongclient base. It therefore provides an ideal platform for the further developmentof our town planning business in both of these geographical areas." Press Enquiries: John Purvis, Chief ExecutiveBob Hartley, Finance DirectorWhite Young Green PLC Tel: (0113) 278 7111 Tim Anderson / Rebecca Skye DietrichBuchanan Communications Tel: (020) 7466 5000 Notes to editors • 1 The Consideration Shares are not entitled to the interim dividend declared today by White Young Green and accordingly a separate line of stock has been created to accommodate this which will cease to exist following the interim dividend record date on 19 April 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WYG