WHITE YOUNG GREEN PLC
7 October 1999
WHITE YOUNG GREEN PLC
ACQUISITION OF CONSULTING ENGINEERING BUSINESS - 6TH THIS
YEAR
White Young Green Plc ('WYG') the multi-disciplinary
consulting engineers and project managers is pleased to
announce the acquisition of the entire issued share
capital of Tilney Simmons Limited ('TSL2) together with
certain of the assets of Tilney Simmons & Partners
('TSP') (together 'Tilney Simmons') for a maximum
consideration of £2.3 million, including £150,000 payable
conditional upon the net asset position of Tilney Simmons
as at 6th October 1999.
The audited accounts for TSL for the year ended 30th
April 1999, together with the unaudited partnership
accounts for TSP for the same period, after adjusting for
agreed future Partners employment packages, show a profit
of £292,678 before tax on a turnover of £2,900,030. The
combined net assets of TSL and TSP at 30 April 1999 were
£550,000.
The consideration will be satisfied by an initial cash
payment of £537,500 and by the issue of
(1,330,226) ordinary shares in WYG. Any additional
consideration payable will be satisfied in cash.
Application has been made to the London Stock Exchange
Limited for the admission of these shares. Dealings are
expected to commence on 14th October 1999.
The Partners of TSP being Barry Butler, Terry Wilson, Ray
Abbott and Clive Morris will all become employees of WYG
following the acquisition.
Tilney Simmons, based in London, Southampton and Oman are
mechanical and electrical consulting engineers who work
for a wide range of clients but have established a strong
reputation in the Banking and Financial Services sector
in the City. This acquisition complements and enhances
the existing consultancy services currently offered by
WYG in London, enhancing the range of services and client
base. In addition, the acquisition provides us with
important new office locations in Southampton and Oman.
For further information, please contact:
Richard Brayson, Chief Executive
WHITE YOUNG GREEN PLC TEL: 0113 278 7111
Tim Anderson / Lisa Baderoon
BUCHANAN COMMUNICATIONS TEL: 0171 466 5000
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