13th Nov 2006 07:01
White Young Green PLC13 November 2006 For immediate release 13 November 2006 White Young Green Plc ("WYG") Acquisition of Adams Kara Taylor White Young Green ("WYG"), consultant to the built, natural and socialenvironment, today announces the acquisition of the entire issued share capitalof Adams Kara Taylor ("AKT") from Robin Adams, Hanif Kara and AlbertWilliamson-Taylor. AKT is an award winning, privately owned structural and civil engineeringconsultancy based in London. It works closely on iconic structures with many ofthe better known architects, developers and contractors, both in the UK andinternationally, and has grown consistently since its formation in 1996 on theback of a reputation for innovation, creativity and delivery. The consideration payable at completion by WYG was £10,500,000, being £7,500,000in cash and £3,000,000 satisfied by the issue of 784,419 ordinary shares ("theConsideration Shares"). Application has been made for these ConsiderationShares to be admitted to the Official List of the UK Listing Authority and totrading on the London Stock Exchange's market for listed securities. Dealingsare expected to commence in November 2006. In addition, further consideration(payable in ordinary shares and / or loan notes at WYG's option) of up to amaximum of £4,000,000 is due if certain performance criteria are met in thefirst year of trading under WYG's ownership. For the year ended 30 June 2006 the profit before taxation of AKT, as extractedwithout material adjustment from the financial statements for that year, was£1,988,667 on turnover of £7,837,457. The profit before taxation of £1,988,677is inclusive of one-off income relative to an insurance claim and excludescertain employee related payments together totalling £550,000. The gross assetsof AKT at 30 June 2006 were £4,789,949 comprising fixed assets of £562,751 andcurrent assets of £4,227,198. All of the directors of AKT have signed contracts of employment with the WYGgroup. John Purvis, Chief Executive commented: "I am delighted that Adams Kara Taylor has joined the WYG Group. Theirreputation for excellence and higher value, cutting edge engineering willfurther strengthen our position in the strategically important London and exportmarkets. They will bring a new blue chip client base to the overall Group andwill significantly strengthen our own growing profile in the internationalarena." 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WYG