Artisan (UK) PLC
13 March 2000
ARTISAN (UK) plc - 'BOARD CONFIDENT OF SATISFACTORY OUTCOME IN CURRENT YEAR'
SAYS CHAIRMAN - BICKERTON OFFER DECLARED UNCONDITIONAL
At the Extraordinary General Meeting of Artisan (UK) plc, the AIM listed
housebuilding, property development, contracting and property refurbishment
group, held today, chairman Mr Stephen Dean declared that with the passing by
shareholders of all the resolutions at today's EGM, the company expected to
declare the offer for the Bickerton Group unconditional in all respects
shortly.
Mr Dean told shareholders ' The eight months since our AGM in July last year
have been a period of rapid development for the Artisan Group with the
acquisitions of Joseph Driver and of Investment in Heritage plc, two
investment properties in Sheffield for £2,250,000 in January and the signing
of the heads of agreement for the purchase of a contracting and development
company in the south west of England.
'Shareholder consent given today for creating new ordinary shares will enable
us to acquire a further seven investment properties which have been
independently valued at £9,415,000.
'With the agreed heads of terms for the sale of an industrial park in New
Cross, London we have already begun the process of realising these investments
to raise further working capital for the continued expansion of the group and
I am pleased to report that, subject to contract, we have to date realised
approximately 50 per cent of this portfolio' said Mr Dean.
'The acquisition of Bickerton is a further step in your Company's strategy for
creating a national contractor/development group with some interests in
internet services. In this regard I am pleased to tell shareholders that
Bickerton's Gryphon Developments subsidiary now has Outline Planning
Permission for the residential development of its 5.11 acre site at Black Fan
Road, Welwyn Garden City which it had agreed to sell, subject to the grant of
outline planning permission, for £5,423,000, cash, compared with a book value
of £1.83 million' said Mr Dean.
Looking ahead, Mr Dean told shareholders 'The Artisan group has increased
substantially in size over the past 12 months and now has the potential for
an annual turnover in excess of £100 million in a full year, and your board is
confident of a satisfactory outcome for the current year in line with market
expectations.'
Enquiries:
Artisan (UK) plc 01480 436666
Stephen Dean, Chairman
Chris Mussel, Finance Director
Boswell City Financial PR Limited 0171-583 2001
Glenda Boswell Mobile 0468 235 735
Rodney Johnson
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