22nd Jan 2008 12:11
Babcock International Group PLC22 January 2008 22 January 2008 Babcock International Group PLC Acquisition of INS Innovation Ltd On 31 August 2007, Babcock International Group PLC ("Babcock") announced theclose of its offer to acquire all the issued shares in International NuclearSolutions plc ("INS") at which time Babcock had acquired or had received validacceptances for 63.6 per cent of the issued share capital of INS. After takinginto account subsequent market purchases, Babcock now owns approximately 68 percent. of the issued share capital of INS. Babcock today announces it has entered into an agreement with INS for theacquisition of 100 per cent of the issued share capital of INS InnovationLimited ("INS Innovation") for £39.8 million to be satisfied in cash and by theassumption by Babcock of certain indebtedness owed to INS Innovation by INS. INSInnovation is the sole operating business of INS. The acquisition is subject tothe approval of INS shareholders by ordinary resolution at a general meeting tobe held on 15 February 2008. As soon as practicable following the completion ofthe transaction INS intends to declare a special dividend of approximately £37.2million, equivalent to approximately 58.8 pence per INS ordinary share. The Board of INS is also seeking shareholder approval by way of specialresolution for the cancellation of the quotation of INS' ordinary shares on AIMfollowing completion of the disposal. Babcock intends to vote in favour of both resolutions. Completion of the acquisition of INS Innovation is expected to take place on oraround 18 March 2008. Further details of the proposed disposal are set out in a circular which isbeing posted to INS shareholders today and which is available on the INS website(www.ins-innovation.com). Enquiries BabcockPeter Rogers Tel: 020 7291 5000Bill Tame Financial Dynamics Tel: 020 7269 7121Andrew Lorenz This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BabcockINS.L