ARTISAN (UK) PLC
6 August 1999
Artisan (UK) plc
Further to the announcement in the open offer document sent to
shareholders on 17 June 1999, Artisan (UK) plc ('Artisan' or
'the Company') announces that it has today completed the
acquisition of a controlling interest in Joseph Driver
Building Limited ('Joseph Driver').
The Company has purchased outright 86% of the voting shares in
Joseph Driver, for a payment of £1,158,309.80 of which
£1,013,521.17 has been paid in cash and the balance of
£144,788.73 satisfied by the issue of 1,782,015 Artisan
ordinary shares to the Vendors. A further payment up to a
maximum of £210,00 will be payable to the Vendors, dependent
on the pre-tax profits achieved by Joseph Driver during the
two years ending 31 March 2001. Any such further payment will
be payable by 30 September 2001.
At the same time, the Company has entered into put and call
options to acquire all the remaining shares in Joseph Driver
on the same terms. The option is exercisable by Artisan on or
after 3 October 1999.
Joseph Driver is a building and contracting company based in
Tring, Hertfordshire. Its clients include a number of local
authorities and housing associations, in London and the Home
Counties. In the year ended 31 March 1999, Joseph Driver
earned profits before tax of £144,003 and on that date had net
assets of £1,267,750.
The acquisition follows the successful conclusion to Artisan's
recent Open Offer, which raised £3.32 million before expenses.
Commenting on the acquisition, Artisan Chairman, Stephen Dean,
said:
'Following our takeover of Bernard Ward Limited last year, the
acquisition of Joseph Driver will further broaden the
geographical and client base of the contracting side of our
Group. It is another step in our strategy of building Artisan
into a strong regional contracting group, complementing its
development and leisure industry contracting divisions.'
Application has been made for the 1,782,015 New Ordinary
Shares to be admitted to trading on AIM. Dealings are
expected to commence on 10 August 1999.
For further information please contact:
Artisan (UK) plc 01480 436666
Stephen Dean, Chairman
Seymour Pierce 0171 648 8700
Sarah Wharry
Boswell City Financial PR Ltd. 0171 583 2001
Glenda Boswell Mobile 0468 235 735
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