TIDMCMIP
Capital Management & Investment plc
Algeco Scotsman Option
18 July 2011
The Company announces that Algeco Scotsman, (in which the Company has a 6.57 per
cent shareholding) has been granted an option (the "Option") to acquire Ausco
Modular Holdings Ltd. (Ausco), a leading provider of modular buildings in
Australia and New Zealand, by the owners of Ausco. The Board of CMI understands
that it is probable that Algeco Scotsman will need to raise additional debt
and/or equity if it is to exercise the option.
Ausco, headquartered in Brisbane, Australia, is a major supplier of modular
buildings and accommodation units in the high growth mining, oil, and gas
markets of Western Australia and Queensland. Underpinned by Ausco's pre-eminent
design, assembly, and service capabilities, Ausco has developed a premium
product portfolio and one of the largest hire fleets in Australia and New
Zealand with more than 14,000 modules. The business also operates in the highly
attractive build-own-operate market, providing relocatable accommodation
facilities for workers in remote Australian locations, often close to mining or
infrastructure projects.
If Algeco Scotsman exercises the Option and acquires Ausco then it will gain a
significant market presence in the Asia-Pacific region, substantial exposure to
high growth markets, and expansion of the company's current geographic
footprint. Today Algeco Scotsman holds leading market positions in over 20
countries across North America and Europe. Algeco Scotsman has increased its
global leadership position in the modular space and secure storage solutions
market through execution of a global expansion strategy.
A further announcement will be made in due course.
Contact:
Tim Woodcock, Capital Management and Investment plc 0207
725 0800
Neil Baldwin, Brewin Dolphin
0845 213 4726
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Capital Management & Investment Plc via Thomson Reuters ONE
[HUG#1531724]
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