Expro International Group PLC
01 August 2006
Not for distribution or transmission, directly or indirectly in or into the
United States, Canada, Australia, Japan or South Africa
Expro International Group PLC
Completion of Acquisition
FOR IMMEDIATE RELEASE
1 August 2006
Expro International Group PLC announces the completion of the acquisition of
PWS, a leading supplier of well testing and other flow management products and
services to the global oil and gas industry for $674.5 million (£366.0 million).
The consideration paid by the Company in relation to the Acquisition comprised
the allotment and issue to the owners of PWS of 9,155,961 Consideration Shares
(representing US$115.0 million (£62.4 million)), with the balance being paid in
cash.
Application has been made to the FSA and to the London Stock Exchange for the
Consideration Shares to be admitted, fully paid, to the Official List and to
trading on the London Stock Exchange. It is expected that admission will occur
and that dealings will commence in the Consideration Shares, fully paid, at 8
a.m. today.
Definitions used in the Prospectus dated 14 June 2006 shall have the same
meanings when used in this announcement, unless the context requires otherwise.
All references to time in this announcement are to the time in London.
For further information please contact:
Expro International Group PLC +44 (0) 1189 591341
Graeme Coutts, Chief Executive Officer
Michael Speakman, Finance Director
JPMorgan Cazenove Limited
(Financial adviser and corporate broker to Expro) +44 (0) 20 7588 2828
Barry Weir
Simmons & Company International Limited
(Transaction advisors to Expro) +44 (0) 1224 202300
Colin Welsh / Mike Beveridge
Weber Shandwick
(Public relations adviser to Expro) +44 (0) 20 7067 0700
Rachel Taylor / Stephanie Badjonat
JPMorgan Cazenove Limited is acting for Expro International Group PLC and no one
else in connection with the Acquisition and the Rights Issue and will not be
responsible to anyone other than Expro International Group PLC for providing the
protections afforded to it clients nor for giving advice in relation to the
Acquisition, the Rights Issue or any other matter referred to herein. Simmons &
Company International Limited is acting exclusively for Expro International
Group PLC and no one else in connection with the Acquisition and will not be
responsible to anyone other Expro International Group PLC for providing the
protections afforded to its client nor for giving advice in relation to the
Acquisition or any other matter referred to herein.
This announcement shall not constitute an offer of, or the solicitation of any
offer to subscribe or buy, any New Shares to any person in any jurisdiction to
whom or in which such offer or solicitation is unlawful. The distribution of
this announcement in certain jurisdictions may be restricted by law and
therefore persons into whose possession this announcement comes should inform
themselves about and observe any such restrictions. Any failure to comply with
these restrictions may constitute a violation of the securities laws of any such
jurisdiction. Any purchase of, or application for, securities in the Rights
Issue should only be made on the basis of information contained in the
Prospectus dated 14 June 2006 and any supplement thereto.
This announcement is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration. The New Shares have not been, nor will they
be, registered under the US Securities Act of 1933, as amended, or under the
securities laws of any state in the United States or under the applicable
securities laws of Canada, Australia, Japan or South Africa. Subject to certain
exceptions, the New Shares may not be offered or sold in the United States,
Canada, Australia, Japan or South Africa or to or for the benefit of any
national, resident or citizen of the United States, Canada, Australia, Japan or
South Africa.
This information is provided by RNS
The company news service from the London Stock Exchange
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