Acquisition
12 Dezember 2003 - 12:06PM
UK Regulatory
RNS Number:1965T
Maclellan Group PLC
12 December 2003
MacLellan Group plc
MacLellan Group plc announces Winning of Industry Awards and Acquisition of
Attlaw Security & Protection Limited
MacLellan Group plc's operating subsidiary, MacLellan International Limited, has
for the second consecutive year won the prestigious Premises and Facility
Management Partnership "Overall PFM Best Partnership" Award and "Multi-Service"
Award for work done together with its customer, Avesta Polarit Stainless. No
other FM company has ever won the Overall PFM Best Partnership Award more than
once and MacLellan's operational management team is justifiably proud of this
achievement.
MacLellan Group plc ("MacLellan") also today announced the acquisition of the
entire issued share capital of Attlaw Security & Protection Limited ("Attlaw")
for an initial consideration of #5 million to be satisfied as to 50% in cash/
loan notes and 50% by the issue of 3,333,333 MacLellan Group plc ordinary
shares; these shares shall rank pari passu with existing ordinary shares in
issue save that they shall not rank for the final dividend in respect of the
year ending 31 December 2003. Additional consideration is payable of up to a
further #7 million (to be satisfied with the same structure as the Initial
Consideration) if agreed profit before tax levels for the earn out period
through to 31 December 2005 are satisfied. At 31 March 2003, being the date of
the latest audited accounts of Attlaw, Attlaw had net assets of #286,324, pre
tax profits of #398,413 and its turnover for the year ended on that date, of
#10.5 million, showed a 50% increase from the previous year-end. Attlaw's
trading performance since 31 March 2003 has continued to show the benefits of
further strong turnover growth. It is expected that the P/E multiple for this
acquisition will be less than 8 when the final consideration is paid.
Application has been made for the consideration shares to be admitted to trading
on the Alternative Investment Market and trading in the shares is expected to be
Monday 15 December 2003.
Commenting on the acquisition, John Foley, Chief Executive of MacLellan said:
"We purchase businesses in order to either broaden the range of self performed
services available to our customers or quickly penetrate new markets which are
of interest to us. This acquisition satisfies both objectives since Attlaw has
security industry expertise in the retail, leisure and transport markets and we
believe that the combination of MacLellan's proven multi-service capability
together with Attlaw's specific security industry expertise will create a
winning combination in existing and new markets".
For further information please contact:
John Foley
Stephen Shipley
MacLellan Group plc 01905 744400
This information is provided by RNS
The company news service from the London Stock Exchange
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