4th Jan 2006 12:45
Clarkson PLC04 January 2006 CLARKSON PLC Acquisition of Plowright Further to the announcement made on 3 November 2005 Clarkson PLC ('Clarksons')confirms that it has now completed the acquisition of the J O Plowright(Holdings) Limited ('Plowright') group of companies. Plowright, based in London, is a privately owned shipbroker, owned 62% by anEmployee Trust and 38% by its Pension Fund. Plowrights has 26 staffpredominantly serving the petrochemical, products, lubricant, gas, vegetable oiland molasses freight markets. The initial consideration for the acquisition of £8.1 million was satisfied asto £7.4 million in cash and £0.7 million by the issue of 79,918 new ordinaryshares in Clarksons. Deferred consideration of up to £1.0 million may bepayable over the next 2 years dependent on the achievement of performancetargets over that period; Clarksons will issue up to a further 114,168 newordinary shares to cover this potential liability. Plowright's last audited results to 31 August 2004 indicated a pre-tax loss of£0.1 million which adjusted for non-recurring charges and using an accountingbasis consistent with Clarksons would have produced a pre-tax profit in theregion of £1.25 million. Gross assets at 31 August 2004 were £2.5 million. Thevendors have warranted net assets at date of completion of £0.1 million. Clarksons' expanded operating platform will enable the company to respondproactively to the needs of its present and future customers within thisspecialised sector of the shipping industry. Application is being made to the UK Listing Authority and to the London StockExchange for the new ordinary shares to be admitted to the Official List and totrading on the London Stock Exchange. For further information: Richard Fulford-Smith Clarkson PLC Telephone: +44 774 704 3139 Richard Whittet J O Plowright (Holdings) Limited Telephone: + 44 20 7334 3482 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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