18th Mar 2005 16:36
Clarkson PLC18 March 2005 CLARKSON PLC Acquisition of Ferrobulk Clarkson PLC today announces that it has successfully completed the acquisitionof the Ferrobulk group of companies ("Ferrobulk"). Ferrobulk, based in Genoa,is a privately owned shipbroker with 30 staff predominantly serving the dry bulksector. The initial consideration for the acquisition of £4.2 million, will be satisfiedas to £3.4 million in cash and £0.8 million by the issue of 86,234 new ordinaryshares in Clarksons. Deferred consideration of up to £6.0 million may bepayable over the next 3 years dependent on the achievement of earnings targetsover that period. Ferrobulk had a post tax profit of £0.5 million in the yearended 31 December 2004 and had net assets of £1.1 million at that date. As indicated in the announcement of 12 January 2005 Clarkson's Italian business,Clarksons Italia, will be merged with Ferrobulk to create a substantialoperating platform in the Italian market. This deal, which enables Clarksons totake advantage of the strong Ferrobulk franchise, offers significantopportunities to enhance the services offered by Clarksons to local clients inthe Italian shipping market. Application will be made to the UK Listing Authority and to the London StockExchange for the new ordinary shares to be admitted to trading on the OfficialList. For further information: Richard Fulford-Smith Clarkson PLC Telephone: +44 774 704 3139 Massimo Dentice Ferrobulk Srl Telephone: + 39 010 55 401 Notes to editors Background to Clarkson PLC Clarkson PLC (which is listed on the London Stock Exchange) is acknowledged asthe world's leading shipping services group. Through its unrivalled andextensive global network of offices it is able to give its clients unique accessto a wide range of shipping services. Clarksons covers shipbroking, research,publications, derivatives and logistics. Clarksons' strategy is to expand anddevelop the group around these key activities. For further information on Clarkson PLC, please visit the company's website atwww.clarksons.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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