23rd Feb 2005 07:00
Huntsworth PLC23 February 2005 HUNTSWORTH PLC 23 February 2005 Acquisition of Sinclair Mason Limited Introduction Huntsworth PLC, the international communications group, announces today that ithas agreed to acquire the entire issued share capital of Sinclair Mason Limited,a UK public relations company based in Leeds, for an initial consideration of£1,100,000. The acquisition continues the Group's strategy to build a marketing servicesgroup with public relations at its core, focusing on the consumer, financial,public affairs and technology sectors together with a broadly based offering inhealthcare communications. Lord Chadlington, Chief Executive of Huntsworth PLC, said: "The acquisition ofSinclair Mason will strengthen the Group's position in the North of Englandbuilding on our plans to have a powerful national offering." Sinclair Mason Sinclair Mason was started by Tim Sinclair in 1986 and is based in Leeds.Sinclair Mason's blue chip clients include BT and Silentnight together withDavis Arnold Cooper, Global Platform and National Blood Service. The company will be merged with Harrison Cowley's Leeds office to strengthen ourpresence in the North. Tim Sinclair will be appointed to the board of HarrisonCowley and become head of Harrison Cowley North responsible for the Leeds andManchester offices. In the year ended 31 May 2004 Sinclair Mason had revenues of £1,345,000 andprofit before tax of £62,000. The net assets at 31 May 2004 were £45,000. Terms of the Acquisition The initial consideration is £1,100,000 of which £620,000 is to be paid in cashwith the balance to be satisfied by the issue of 2,165,400 new ordinary shares. Additional consideration may be payable after one year and three years oftrading based on the increased profits of the business up to an approximatemaximum of £2,800,000. Under the terms of the UKLA listing rules the acquisition is a Class 2transaction not requiring shareholder approval. Application to the UK Listing Authority and to the London Stock Exchange isbeing made today for the admission of these shares to the Official List of theUK Listing Authority and to trading on the Official List of the London StockExchange. Dealings are expected to commence on 28 February 2005. Enquiries: Lord Chadlington, Chief Executive, Huntsworth PLC (020) 7408 2232Roger Selman, Finance Director, Huntsworth PLC (020) 7408 2232 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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