Issue of Equity
2004年7月30日 - 7:30PM
RNSを含む英国規制内ニュース (英語)
RNS Number:4193B
Hyder Consulting PLC
30 July 2004
HYDER CONSULTING PLC ("Hyder Consulting" or the "Company")
CASH PLACING, ACQUISITIONS AND TRADING UPDATE
Hyder Consulting, the international engineering design, advisory and specialist
management consultancy, is pleased to announce a cash placing and the planned
acquisition of three niche businesses, all of which are expected to be earnings
enhancing.
CASH PLACING
Hyder Consulting has raised approximately #3.1 million (before expenses) by way
of a placing for cash of 2,295,950 new ordinary shares of 10p each ("Cash
Placing Shares") with institutional and other investors at 135p per share by
Evolution Beeson Gregory Limited ("EVBG"). It is intended that the proceeds will
be used to fund the three planned acquisitions detailed below, subject to their
completion, as well as funding general working capital requirements.
ACQUISITION OF ASHACT
The Company has entered into an agreement to acquire Ashact Limited ("Ashact").
Ashact provides environmental consultancy services to an impressive portfolio of
clients across the UK, including BAE Systems, United Milk, Envirowise and
Southern Water. The consideration for the acquisition, payable on completion, is
approximately #0.5 million, of which #0.35 million is payable in cash and #0.15
million is payable by the issue of 111,111 new ordinary shares of 10p each
("Consideration Shares") at 135p per share. Ashact's profits before interest and
tax were approximately #0.1 million for the year to 31 December 2003 on turnover
of approximately #0.7 million. The net assets being acquired amount to #0.1
million.
ACQUISITION OF ROBERTS AND PARTNERS INTERNATIONAL
The Company has acquired the business and assets of Roberts and Partners
International ("International"). International is a specialist Mechanical and
Electrical ("M&E") consultancy based in Dubai with a low cost support office in
the Philippines. International's management have an option to purchase 30 per
cent. of the business within one month of completion with the Company having an
option to acquire this 30 per cent. interest after three years, for a maximum
consideration of #0.5 million dependent on future performance. International's
profits before interest and tax were approximately #0.2 million for the year to
30 June 2004 on turnover of approximately #1.3 million. The total investment
amounts to #0.5 million. International will contribute to Hyder Consulting's
offering of M&E advisory design and supervision in the buoyant Middle East
market and will provide access to a low cost production centre and cross-selling
opportunities.
PLANNED ACQUISITION OF ENVIRONMENTAL CONSULTANCY
The Company has entered into non-binding Heads of Terms to acquire a specialist
environmental consultancy based in the UK offering environmental and strategic
planning, contaminated land assessment and design and engineering services. The
Company expects to enter into an agreement to acquire this company within one
month. The expected initial consideration for the acquisition, payable in cash
on completion, is in the region of #1.85 million, with a further #0.65 million
payable in cash over the next three years dependent on profit performance. The
company employs a team of around 40 staff with turnover for the year to 31 March
2004 of approximately #2.0 million. Profits before interest and tax were
approximately #0.25 million in 2004. The Directors believe that the company has
earnings growth potential. The net assets expected to be acquired amount to #0.3
million. This strategic acquisition is expected to further widen Hyder
Consulting's offering in environmental and geotechnical services and provide
access to a new public and private sector client base.
TRADING UPDATE
Trading in the first quarter has been progressing in line with expectations. The
order book, too, remains strong and is in line with plan. Market conditions in
the five main regions in which the Company operates are unchanged from the
year-end.
DIRECTOR AND OTHER SHAREHOLDINGS
In order to satisfy strong institutional demand, EVBG has also placed 3,629,975
existing ordinary shares of 10p each ("Ordinary Shares") at 135p per share,
including 3,359,553 on behalf of Sir Alan Thomas, Tim Wade and Simon
Hamilton-Eddy, directors of the Company, and certain senior managers as follows:
Name Ordinary Shares Resultant Percentage of
placed number of enlarged issued
Ordinary Shares share capital
Sir Alan
Thomas 87,618 252,571 0.94
Tim Wade 1,081,613 3,117,933 11.61
Simon
Hamilton-Eddy 721,075 2,078,623 7.74
Alan Proctor 495,759 1,429,108 5.32
Kevin Jones 486,744 1,403,123 5.22
Keith Reynolds 486,744 1,403,123 5.22
The directors and senior management have confirmed that they have no present
intention to sell any further shares.
APPLICATION FOR ADMISSION
Application will be made for the Cash Placing Shares and the Consideration
Shares to be admitted to the Official List of the UK Listing Authority and to
trading on the London Stock Exchange's market for listed securities. Admission
is expected to become effective on 5 August 2004.
Tim Wade, Chief Executive of Hyder Consulting commented, "I am pleased to
announce these planned acquisitions. In line with our strategy, other in-fill
acquisitions will follow in due course as we identify high quality, specialist
consultancies that will consolidate our strong skill base and geographical
coverage."
For further details:
Tim Wade, Chief Executive, Hyder Consulting Plc Tel: 020 7316 6000
Simon Hamilton-Eddy, Financial and Commercial Director, Tel: 020 7316 6000
Hyder Consulting Plc
Shane Dolan, Biddicks Tel: 020 7448 1000
30 July 2004
This information is provided by RNS
The company news service from the London Stock Exchange
END
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