TIDMAQSG
RNS Number : 7735U
Aquila Services Group PLC
27 October 2017
For immediate release
27th October 2017
Aquila Services Group plc
("Aquila Services", "Aquila", the "Company", or together with
its subsidiaries, the "Group")
Acquisition of pod
Aquila Services, a company formed to acquire and operate growing
businesses operating in the affordable housing services sector, is
pleased to announce that the Group has today completed the
acquisition of the development consultancy and financial modelling
services business of pod LLP and pod partnership Limited ("pod")
for GBP1,710,000 (the "Acquisition").
During the Year ended 31 March 2017, the annual turnover of the
pod business was GBP1,085m with an operating profit (adjusted for
salaries) of GBP162k.
Co-founded by Matt Carroll and Hannah Breitschädel in 2008, pod
is a multidisciplinary construction and regeneration consultancy.
They specialise in all aspects of development consultancy and
development financial modelling and have developed' 'podplan' the
bespoke development scheme appraisal model.
The close-knit team of 13 at pod are committed to delivering
reliable and flexible services by responding to all client's needs
in a tailored and personal way. They work with Registered
Providers, Local Authorities, ALMOs, private developers,
contractors and many other organisations.
They help organisations improve because they understand the
housing sector and offer an extensive range of services which
complement each other.
The Directors believe that following the Acquisition, the
Group's clients will benefit from direct access to a full range of
specialists in the provision of property development and project
management expertise. This Acquisition gives the Group capacity to
provide a wider range of critical services and pursue the strategy
of becoming a one-stop shop of professional support services for
its clients. The Board of Aquila continues to seek out and evaluate
complementary acquisition opportunities with particular focus on
businesses that will enhance the breadth of the Group's offer to
both existing and future customers.
Derek Joseph - Chairman of Aquila commented:
'The Acquisition delivers a significant increase in our
development and project management business and with local
authorities now being given greater incentives to develop new
affordable housing, we anticipate this will be an important engine
for growth of the Group.
We are delighted that the experienced team from pod have chosen
to join the Aquila Services Group to lead our extensive and growing
development offer.'
Hannah Breitschädel and Matt Carroll from pod, who are joining
Aquila's operational management team today, commented:
'Pod provides a full development management and advice service
to affordable housing providers from feasibility to final account.
Over the past nine years, we have built a reputation for being
responsive, reliable and creative and have grown a committed and
highly skilled team who strive for excellence. We are excited at
this opportunity to join the Aquila Services Group, a strong brand
with a similar culture, complementary skills and a shared vision.
Together we can continue to provide a fantastic service to our
existing clients whilst strengthening our service offer and
extending our client base'.
Details of the Acquisition
The Company has yesterday signed the share purchase agreement
(the "SPA") to acquire the business of pod partnership for
GBP1,710,000. The consideration was satisfied by a payment of
GBP625,000 in cash and GBP1,085,000 in shares. Accordingly, a total
of [2,614,458] new ordinary shares of 5p each in the Company have
been issued at the price of [41.5] pence per share, being the
mid-market closing price on for the 3 business days prior to
completion on 26 October 2017, (the "Consideration Shares").
Applications are being made to the UK Listing Authority and the
London Stock Exchange for the Consideration Shares issued on
completion, representing [7.41]% of the Company's enlarged issued
share capital, to be admitted to the Official List and to trading
on the London Stock Exchange's main market for listed securities
(the "Admission"). It is expected that Admission will become
effective on or around 2 November 2017.
Subject to limited exceptions, the Consideration Shares are
subject to restrictions whereby they cannot be transferred or
disposed of for a period of one year from completion and, for a
further calendar year thereafter, the Consideration Shares must
only be transferred or disposed of in accordance with orderly
market arrangements.
Following the issue of the Consideration Shares, which will rank
pari passu with the existing ordinary shares in issue, the total
number of ordinary shares in issue with voting rights in the
Company is [35,265,461]. There are no shares held in treasury.
The above figure of [35,265,461] may therefore be used by
shareholders as the denominator for the calculation by which they
may determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information please visit
www.aquilaservicesgroup.plc.co.uk or contact:
Aquila Services Group plc
Steve Douglas
Co-Chief executive
Tel: 020 7934 0175
Beaumont Cornish Limited, Financial Adviser
Roland Cornish
Tel: 020 7628 3396
Notes to editors:
About Aquila Services Group plc
Aquila is the London Stock Exchange listed parent company of
Altair Consultancy and Advisory Services Ltd, a specialist housing
consultancy, and Murja Ltd, an FCA registered firm of treasury
management advisors and now includes pod, a multidisciplinary
construction and regeneration consultancy.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQKMMZGLVNGNZM
(END) Dow Jones Newswires
October 27, 2017 02:00 ET (06:00 GMT)
Aquila Services (LSE:AQSG)
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Aquila Services (LSE:AQSG)
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