5th Jun 2006 07:00
Evolution Group PLC05 June 2006 THE EVOLUTION GROUP PLC ACQUISITION OF WILLIAMS DE BROE The Evolution Group Plc ("Evolution" or the "Group") announces that on 3 June2006, it entered into and completed an agreement to acquire Williams de Broe Plcand its sister company, Williams de Broe Administration Limited (together"Williams de Broe") from Williams de Broe Holdings Limited and ING Belgique S.A.The transaction has received regulatory approval. Williams de Broe is a specialist London-based financial services group whichprovides corporate advisory, stockbroking and fund management services. The consideration payable for Williams de Broe will comprise a cash payment of£15 million which will become due once completion accounts for Williams de Broehave been prepared. The consideration is subject to a pound for pound adjustmentto the extent that the net assets of Williams de Broe as at 31 May 2006 aregreater or less than £15 million, subject to a maximum consideration of £25million. The consideration will be met from existing cash resources ofEvolution. According to the information memorandum for the sale of Williams de Broe, thebusiness had an unaudited loss for the year ended 31 December 2005 of £3.1million. Evolution expects the acquisition to be earnings neutral in 2006 andearnings enhancing in 2007. The information memorandum also showed unauditedgross assets of Williams de Broe as at 31 December 2005 of £118.4 million, themajority of which were unaudited trade counterparty debtors of £104.2 million. The acquisition of Williams de Broe will enable Evolution to expand its clientbase and product offering, to extend the Group's UK geographic coverage and toincrease client funds under management. Martin Gray, Chairman of Evolution, commented: "We are pleased to have concludedour discussions of the last month. We look forward to working with the staff andclients of Williams de Broe." --- ends --- Enquiries: The Evolution Group Plc 020 7071 4300Alex Snow, Chief ExecutiveGraeme Dell, Finance Director Bell Pottinger Corporate & Financial 020 7861 3232Charles CookSarah Landgrebe This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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