19th Oct 2006 07:01
Huntsworth PLC19 October 2006 HUNTSWORTH PLC 19 October 2006 Quiller joins Hudson Sandler Huntsworth PLC ("Huntsworth"), the international public relations group,announces that it has agreed to acquire the entire issued share capital ofQuiller Associates Ltd and its subsidiary The Quiller Consultancy Ltd (together"Quiller") to join its Hudson Sandler business. This will create one of the UK'sleading financial, reputation management, corporate communications and publicaffairs consultancies. Hudson Sandler joined Huntsworth in early 2004 and hasdelivered organic growth of approximately fifty percent over the following twoyear period. The acquisition will be satisfied by an initial consideration of £5.9 million,comprising cash of £4.2 million and the issue of 1,919,097 new ordinary sharesof 50p each in Huntsworth. Deferred consideration may be payable, with aninterim payment to be settled two thirds in cash and one third in new ordinaryshares in Huntsworth, based on profits for the year to 31 December 2006. A finalpayment may be due based on profits for the 3 years to 31 December 2009, payablein cash or shares at Huntsworth's option. The maximum total consideration thatcould be payable is approximately £10.7 million. The acquisition is consistentwith Huntsworth's strategy of improving the resilience of its businesses to thecycle of corporate activity and stock market turbulence. Quiller was founded in 1998 and offers strategic corporate communications,reputation and issues management, litigation support and public affairsconsultancy. It has a blue-chip client base of multinational companies,financial institutions, foreign governments, professional organisations,individuals and public bodies. The Quiller team consists of highly experiencedconsultants from a variety of professional backgrounds including former seniorjournalists, political advisers and civil servants. For the year ended 31 December 2005, Quiller had profit before tax andshareholders' bonuses of £964,000. Quiller's profit before tax for the sameperiod was £123,000. Gross assets as at 31 December 2005 were £2,750,000 andwill include in excess of £700,000 of cash at completion. Quiller will join Hudson Sandler, our well-established financial and corporatecommunications consultancy. Together they will also be able to advise onpolitical and regulatory matters, intelligence gathering, the influencing ofpolicy formation and M&A competition policy. In addition, it will furtherenhance Hudson Sandler's corporate communications capabilities. Lord Chadlington, Chief Executive of Huntsworth, said: "Hudson Sandler has been a great success story since it joined Huntsworth andthis acquisition will enable it to build on this progress." Andrew Hayes, Chief Executive of Hudson Sandler, said: "Quiller's expertise is a perfect complement to our skills as we furtherenhance the service we can offer to our clients in a rapidly changingcommunications environment. Our broader offer will open up many new growthopportunities whilst improving the resilience of our business." Jonathan Hill, Chairman of Quiller, said: "Strategically and culturally, Quiller and Hudson Sandler are an excellent fit.Together we will be able to draw on a breadth of expertise that we have not beenable to do alone. This is a great opportunity to develop the business both inthe UK and internationally." Under the terms of the UKLA listing rules, the acquisition is a Class 2transaction not requiring shareholder approval. Application to the UK ListingAuthority and to the London Stock Exchange is being made today for the admissionof these shares to trading on the Official List of the London Stock Exchange.Dealings are expected to commence on 24 October 2006. Enquiries: Huntsworth PLC +44 (0)20 7408 2232Lord Chadlington, Chief ExecutiveSally Withey, Group Finance Director Hudson Sandler +44 (0) 20 7796 4133Andrew Hayes, Chief ExecutiveMichael Sandler, Chairman Quiller Associates Ltd +44 (0) 20 7233 9444Jonathan Hill, Chairman Notes to Editors: Hudson Sandler Hudson Sandler is a leading financial and corporate communications consultancythat joined Huntsworth in early 2004. It has delivered organic growth ofapproximately fifty percent over the following two year period, reflecting itsexcellent reputation and track record for winning new business. Hudson Sandlerhas a broad client base that spans FTSE 100 and FTSE 250 stocks to high growthAIM stocks and unquoted businesses. It has a thriving M&A practice that hasrecently included advising Telefonica on its acquisition of O2, Lookers on itsoffer for Reg Vardy and subsequent defeat of a hostile offer from Pendragon, EBSon its sale to ICAP and Stanley Leisure on its offer from Genting International. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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