Capitaltech PLC
19 July 2000
CapitalTech PLC ('CapitalTech)
Acquisition
CapitalTech has acquired from its principal shareholders, the Adair Trusts,
the whole issued share capital (2 Ordinary Shares of £1 each) of PCG
Properties Limited ('PCG'). Under the AIM Rules this transaction is a related
party transaction as Mr Robert Adair, CapitalTech's Chairman, has an interest
in PCG. PCG, through its subsidiary PCG Residential Lettings (No.7) Limited
('No.7'), is financed entirely by borrowings from the Adair Trusts, which will
remain in place. PCG recently acquired South Eastern Recovery II PLC, a
residential property investment company holding 58 flats and 1 shop in the
south east of England ('SER II'). Except for the acquisition of SER II, PCG
and No.7 have no business activities. The purpose and benefit of the
transaction is to add the property portfolio of SER II to that of CapitalTech
and allow broader scope for rationalisation thereof. The audited accounts of
SER II for the year to 31 March 1999 show a profit after tax of £173,428. PCG
and No.7 were recently incorporated and with limited past activity, have not
recorded profit.
The consideration is £2 in cash, with further consideration being equal to the
net asset value but with a maximum of £500,000 payable upon certification of
such net asset value by SER II's accountants at the date of acquisition being
18 July 2000. The directors of CapitalTech, other than Mr Adair, having
consulted with CapitalTech's nominated adviser, Noble & Company Limited, are
satisfied that the transaction is fair and reasonable so far as the
shareholders of CapitalTech are concerned.
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