Acquisition

Northern Bear Plc
01 June 2007



1 June 2007

 
 
                                   NORTHERN BEAR PLC                                


                             Acquisition of HASTIE LIMITED                              
                                                                   

                Acquisition of a specialist building contractor                 

 

The board of Northern Bear Plc ('Northern Bear' or 'the Company') is pleased to
announce the acquisition of Hastie Limited and its subsidiary, Hastie D. Burton
Limited (being together 'Hastie'). Hastie, based in the North East, is a
specialist building contractor providing building services to both commercial
and domestic clients. The directors of Northern Bear believe that this
acquisition is a good strategic fit for the Company's group.
 
In the year ended 31 March 2006, Hastie reported turnover of over £3 million, an
operating profit of around £350,000 and net assets of over £700,000.

The consideration to be paid for the entire issued share capital of Hastie is
approximately £1.1 million ('the Consideration'). The Consideration is to be 
satisfied by the payment of £900,000 in cash from the Company's existing 
resources and by the allotment of 136,986 Ordinary Shares in the capital of the 
Company, at an issue price of £1.46, having a value of approximately £200,000. 
These shares will be issued at completion and are expected to begin trading on 
AIM on 7 June 2007.

As a result of the issue of new shares as part of the Consideration, the share
structure of the Company will now comprise 13,458,569 issued Ordinary Shares of
1p each, with each share carrying the right to one vote.

For further enquiries please contact:

 
Graham Forrest, CEO, Northern Bear Plc: [phone]




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