Acquisition

1st Jun 2007 07:01

Northern Bear Plc01 June 2007 1 June 2007 NORTHERN BEAR PLC Acquisition of HASTIE LIMITED Acquisition of a specialist building contractor The board of Northern Bear Plc ("Northern Bear" or "the Company") is pleased toannounce the acquisition of Hastie Limited and its subsidiary, Hastie D. BurtonLimited (being together "Hastie"). Hastie, based in the North East, is aspecialist building contractor providing building services to both commercialand domestic clients. The directors of Northern Bear believe that thisacquisition is a good strategic fit for the Company's group. In the year ended 31 March 2006, Hastie reported turnover of over £3 million, anoperating profit of around £350,000 and net assets of over £700,000. The consideration to be paid for the entire issued share capital of Hastie isapproximately £1.1 million ("the Consideration"). The Consideration is to be satisfied by the payment of £900,000 in cash from the Company's existing resources and by the allotment of 136,986 Ordinary Shares in the capital of the Company, at an issue price of £1.46, having a value of approximately £200,000. These shares will be issued at completion and are expected to begin trading on AIM on 7 June 2007. As a result of the issue of new shares as part of the Consideration, the sharestructure of the Company will now comprise 13,458,569 issued Ordinary Shares of1p each, with each share carrying the right to one vote. For further enquiries please contact: Graham Forrest, CEO, Northern Bear Plc: +44 191 3712934 This information is provided by RNS The company news service from the London Stock Exchange

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Northern Bear