Acquisition
Scott Wilson Group plc
01 June 2006
For immediate release Thursday, 1 June 2006
Scott Wilson Group plc
Acquisition
Acquisition of Roscoe Postle Associates
In line with its strategy to complement organic investment with selective
acquisitions, Scott Wilson Group plc ("Scott Wilson"), the international
consultancy offering integrated professional services in the transportation,
property, environmental and natural resources sectors, announces that it has
reached an agreement to acquire Roscoe Postle Associates Inc. (RPA) for a
maximum consideration of C$5.0 million (£2.42 million). Completion is expected
tomorrow.
RPA is a renowned specialist consultancy involved in the evaluation and
exploration of the world's mineral resources, working mainly for banking clients
and blue-chip mining companies. The Company's headquarters are in Toronto,
Canada, which is one of the main worldwide mining centres. The initial
consideration for the acquisition is C$2.0 million (£0.97 million) in cash, plus
a further C$2.0 million (£0.97million) in aggregate in cash payable over the
next three years. In addition a sum of up to C$1.0 million (£0.48million) in
aggregate will be payable by the issue of up to 233,100 Scott Wilson Group plc
ordinary shares based on the achievement of agreed performance targets over the
next five years.
Turnover for the year ended 30 September 2005 was C$5.2 million (£2.5 million)
with net assets at that date of C$0.6 million (£0.3million). In its current
financial year to date RPA has continued to make excellent progress. The
business will be integrated with Scott Wilson's existing mining consultancy
operations enabling both organisations to benefit from a wider client base and
complementary skills. In total the combined business will employ 60 staff and
have pro-forma turnover of C$11.4 million (£5.5 million), with a growth plan to
become one of the top 10 mining consultancies in the world.
Geoff French, Chairman of Scott Wilson commented:
"I am delighted that we have acquired Roscoe Postle Associates, which is in line
with our strategy of growing our interests in the Natural Resources sector. The
acquisition significantly expands our client base and geographical coverage in
the mining sector."
For further information please contact:
Scott Wilson Group plc www.scottwilson.com
Geoff French, Chairman 01256 310 200
Stephen Kimmett, Finance Director
Smithfield 020 7360 4900
Katie Hunt 07884 494 112
Reg Hoare 07831 406 117
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Notes to editors:
Scott Wilson
Scott Wilson is an international consultancy offering integrated professional
services for civil and structural engineering projects, transportation,
environmental studies and institutional development. It was ranked as the ninth
largest UK-owned engineering consultant by fee income for the calendar year 2005
in the New Civil Engineer 2006 annual survey.
The Company earned approximately 67 per cent. of its revenue over the three
years to 30 April 2005 in the UK and approximately 33% overseas. The Company has
an existing network of international offices controlled through six regional
centres in Warsaw, Johannesburg, Dubai, Delhi, Bangkok and Shanghai/Hong Kong.
Scott Wilson has strong relationships with UK government departments,
non-governmental agencies, multinational companies, national governments and
supranational funding bodies. In the financial year ended 30 April 2005, 32 of
the Company's clients were billed over £1 million and the top 55 of the
Company's clients (which exceeded 1,500 in total) accounted for aggregate fees
in excess of £100 million.
Important clients and partners include Network Rail, the Highways Agency,
Balfour Beatty, Alfred McAlpine, Cross London Rail Links, English Partnerships,
Defence Estates, tie and the Roads Service Northern Ireland.
Well known projects on which Scott Wilson has worked include The Eden Project,
Bangkok Airport, Manchester Airport, Portsmouth's Spinnaker Tower, the UK West
Coast Route Modernisation and Victoria Station and a number of London
Underground stations.
This information is provided by RNS
The company news service from the London Stock Exchange