Acquisition
27 November 2007 - 8:00AM
UK Regulatory
RNS Number:5421I
Hyder Consulting PLC
26 November 2007
HYDER CONSULTING PLC ("Hyder Consulting" or "the Company")
ACQUISITION
ACQUISITION OF VOIGT INGENIEURE
The Company's German business has entered into an agreement with Voigt
Ingenieure Beteiligungsgesellschaft mbH to acquire the entire issued share
capital of Voigt Ingenieure GmbH Berlin, Voigt Ingenieure GmbH Karlsruhe, and
Voigt Ingenieure GmbH Luckau ("Luckau") (together "Voigt Ingenieure") with
completion scheduled for 29 November 2007. Voigt Ingenieure is a water, waste
water and transportation consultancy business operating throughout Germany.
The initial consideration for the acquisition amounts to #5.6 million, of which
#4.7 million is payable in cash with the balance being satisfied by the issue of
186,383 Hyder Consulting PLC shares ("the Consideration Shares"). Additional
consideration of up to #1.1 million is payable in cash after one year dependent
on future business performance. Voigt Ingenieure employs around 75 staff
including the managing director Mr Marcus Voigt. The financial statements for
Voigt Ingenieure, for the year to 31 December 2006 (with those for Luckau to 30
June 2007), record revenue of approximately #5.2 million, profits before
interest and tax of approximately #0.8 million and gross assets of approximately
#2.1 million. The acquisition provides Hyder Consulting with increased scale in
Germany, and new complementary skills in this growing market.
APPLICATION FOR ADMISSION
Following completion application will be made for the Consideration Shares,
which rank pari passu in all respects with the existing issued ordinary shares
in the Company, to be admitted to the Official List and to trading on the London
Stock Exchange's market for listed securities.
For further details:
Tim Wade, Chief Executive, Hyder Consulting PLC Tel: 020 7316 6000
Simon Hamilton-Eddy, Financial Director, Hyder Consulting PLC Tel: 020 7316 6000
Shane Dolan, Biddicks Tel: 020 7448 1000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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