30th Jul 2010 11:34
30 July 2010
NORTHBRIDGE INDUSTRIAL SERVICES PLC
("NORTHBRIDGE", THE "COMPANY" OR THE "GROUP")
Completion of Acquisition
Further to the announcement on 29 July 2010, Northbridge Industrial Services plc, the industrial services and rental company, is pleased to announce the admission of the Consideration Shares to trading on AIM and the completion of the acquisition of Tasman Oil Tools Pty Ltd ("Tasman").
Tasman, which is based in Perth, Western Australia, specialises in the rental of equipment throughout Australia for the onshore and off-shore oil industry. It supplies drilling tools and a range of specialist plant including pumps, blow out preventers and mud pump motors. The Acquisition is expected to give the Company a foothold into the Asia-Pacific region and will give the opportunity to distribute the Group's other products and services throughout Australia. The Board expects the Acquisition to be immediately earnings enhancing.
For further information:
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Northbridge Industrial Services plc Eric Hook, Chief Executive Officer Ash Mehta, Finance Director
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01283 531645 |
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Smith & Williamson Corporate Finance Limited (Nominated Adviser) Azhic Basirov / David Jones
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020 7131 4000 |
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Arbuthnot Securities Limited (Broker) Alasdair Younie / Ed Groome
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020 7012 2000 |
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Buchanan Communications Charles Ryland / James Strong
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020 7466 5000 |
Unless the context requires otherwise, capitalised terms used in this announcement have the same meanings as given to them in the circular posted to shareholders dated 30 June 2010, which is available on the Company's website: www.northbridgegroup.co.uk.
Related Shares:
NBI.L