26th Apr 2006 14:51
Evolution Group PLC26 April 2006 FOR IMMEDIATE RELEASE 26 April 2006 THE EVOLUTION GROUP PLC EXPANSION OF CHINESE INVESTMENT BANKING SUBSIDIARY The Evolution Group Plc ("Evolution") announces that its subsidiary, EvolutionSecurities China Limited ("ESCL"), has conditionally agreed to acquire theentire issued share capital of Watterson Asia Limited ("Watterson") from itsexisting owner and chief executive, David Tsang ("the Acquisition"). The Acquisition is conditional upon the approval by the Securities and FuturesCommission of Hong Kong ("SFC") of the change of control of Watterson. Anapplication for such approval has been submitted and it is currently expectedthat confirmation of the SFC's decision will be delivered by the end of May2006. Watterson is based in Hong Kong and is licensed by the SFC to conduct corporatefinance and securities dealing activities. Since its inception in 2001,Watterson has undertaken a wide variety of corporate finance and advisoryfunctions and has led or co-led fundraisings for a number of companies in thelisted Hong Kong market. The board of ESCL expects that the Acquisition will significantly enhance ESCL's current capability by giving it full access to Hong Kong equity marketson a primary and secondary basis. This will complement its existing specialistresearch activities based in Shanghai and its primary and secondary activitiesin the London market. Evolution currently owns approximately 73 per cent. of the issued share capitalof ESCL and the Acquisition is a class 3 acquisition for Evolution for thepurposes of the Listing Rules. The gross assets of Watterson as at 31 December2005 were approximately HK$ 12.7 million, equating to approximately £900,000 atthe prevailing exchange rates. For further information, please contact: The Evolution Group PlcGraeme Dell, Finance Director020 7071 4430 Notes to Editors: ESCL is a specialist investment banking and securities firm dedicated tooffering equity research, institutional sales and sales trading to a broadbase of professional portfolio investors, as well as Equity Capital Marketsand Corporate Finance services, primarily to Chinese and Asian corporations. ESCL is headquartered in London with an additional office in Shanghai. ESCLis currently an appointed representative of Evolution Securities Limited,Evolution's wholly owned securities business, under the regulatory authorityof the FSA. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
EVG.L