2nd Nov 2005 07:00
White Young Green PLC02 November 2005 Immediate Release 2 November 2005 WHITE YOUNG GREEN PLC ACQUISITION OF DOY WEBSTER (HOLDINGS) LIMITED - further strengthens WYG's engineering business in SE of England - White Young Green ("WYG") (LSE : WHY), consultant to the built, natural andsocial environment, today announces the acquisition of the entire issued sharecapital of Doy Webster Holdings Limited ("Doy Webster"). Doy Webster is a privately owned mechanical and electrical consultancy servicesbusiness based in London. The consideration payable at completion by WYG was £1,800,000, being £700,000 incash and £1,100,000 satisfied by the issue of 326,120 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 on 7 November 2005. In addition, further consideration(payable in ordinary shares and / or loan notes at WYG's option) of up to amaximum of £700,000 is due if certain performance criteria are met in the firstyear of trading under WYG's ownership. For the year ended 31 March 2005 the profit after taxation of Doy Webster asextracted without material adjustment from the financial statements for thatyear was £128,690 on turnover of £2,278,813. The net assets of Doy Webster at31 March 2005 were £411,182, comprising fixed assets of £22,574, current assetsof £657,451 and current liabilities of £268,843. All of the directors of Doy Webster have signed contracts of employment with theWYG group. John Purvis, Chief Executive commented: "The acquisition of Doy Webster further strengthens White Young Green'sengineering business in the important south east of England. Their strongreputation and specialist building services expertise in the high riseresidential, mixed use development and healthcare markets adds value andincreases our capacity in those sectors at a time of increased opportunity.They also work extensively for many of the major construction contractors whoare offering a fully comprehensive design and build service to their clients." For further information, please contact: John Purvis, Chief ExecutiveBob Hartley, Finance DirectorWHITE YOUNG GREEN PLC Tel: 0113 278 7111 Tim Anderson / Lisa BaderoonBUCHANAN COMMUNICATIONS Tel: 020 7466 5000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
WYG