Acquisition of Primex

17 March 2008

 
Tullett Prebon plc

                                                                               

                                Acquisition of                                 
                           Primex Energy Brokers Ltd                           

 

The Board of Tullett Prebon plc announces that the Company has today reached
agreement to acquire Primex Energy Brokers Ltd ("Primex").

Primex (known as Amerex Europe Limited until October 2007) is a leading
UK-based broker in a wide range of petroleum markets, carrying out
over-the-counter broking for financial institutions and major energy companies
in crude oil, middle distillates (gas oil, gas oil cracks and jet) and fuel
oil.  For the year to December 2007 Primex reported revenue of $29.9m
(unaudited).

Total consideration for the acquisition is up to $40m, of which $3.7m in cash
and $22.3m in Tullett Prebon plc equity (being 2,262,196 ordinary shares) is
payable on completion, with a further $14m in Tullett Prebon plc equity (being
1,420,212 ordinary shares) payable in 2011 subject to earn-out targets being
achieved. 

The acquisition of this leading oil products broker will complement and enhance
Tullett Prebon's existing Energy business, which is currently focused primarily
on power and gas products. 

Primex is being sold by its management and certain employees, being: David
Rapp; Leslie Beesley; Mark Parry; John Calvert; James Mark; Ian Falconer; Ian
Ellis, Richard Robins, Jim Chilcott; Michael Hayner; Jane Arnold; Daniel Plant;
Mark Cumberland; Ewan Macintyre; Andrew Mathieson; Chris Pugh; Mark Haynes and
Mark Till.

   

Enquiries:


Nigel Szembel, Head of Communications          mobile: [phone]
Tullett Prebon plc