Acquisitions & Board Appointment

 

TIDMDAY TIDMATCG 
 
RNS Number : 8171W 
Daisy Group PLC 
04 August 2009 
 

 
 
4 August 2009 
Daisy Group plc 
 
 
Acquisition of AT Communications Group and Eurotel 
Board appointment 
 
 
 
 
Daisy Group plc ("Daisy" or the "Company") announces that its wholly owned 
subsidiary has entered into agreements to acquire the trading assets of AT 
Communications Group plc (the "AT Communications Assets") and the trading assets 
of Eurotel Limited (the "Eurotel Assets") (together the "Acquisitions"). The 
Board of Daisy is also pleased to announce the appointment of Ian Butcher as a 
non-executive director to the board, with immediate effect. 
 
 
The AT Communications Assets 
AT Communications Group plc ("ATC") is a UK based information and communications 
technology company focused on the delivery of IP-based solutions and services to 
small, medium, and large enterprises. In the year ending 31 December 2008, 
audited revenue and EBITDA for ATC's continuing business were approximately 
GBP52.9m and GBP5.3m respectively. ATC subsequently announced on 1 June 2009 
that these results included turnover of GBP6m which was accrued but not received 
as a result of a particular project delay. In the six month period ending 30 
June 2009, unaudited revenue and LBITDA were approximately GBP19.9m and 
GBP(3.5)m respectively. The AT Communications Assets comprise three operating 
divisions, being network services, maintenance and consulting. ATC entered 
administration on 3 August 2009. 
 
 
The consideration has been satisfied through the payment of GBP7.0m in cash and 
the issue of 1,169,591 warrants, exerciseable into one ordinary share in the 
Company at a price of 85.5p each. 
 
 
The Eurotel Assets 
Eurotel Limited ("Eurotel") is a telecoms and IT supplier based in Halifax, 
Yorkshire. In the year ending 31 March 2009, Eurotel's unaudited revenue and 
EBITDA were approximately GBP30.2m and GBP3.5m respectively. In the three month 
period ending 30 June 2009, unaudited revenue and EBITDA were approximately 
GBP6.5m and GBP0.5m respectively. The Eurotel Assets have five principal revenue 
streams: fixed line calls, mobile telephone services, broadband services, and 
the sale and maintenance of telephone hardware. Eurotel entered administration 
on 3 August 2009. 
 
 
The consideration has been satisfied through the payment of GBP13.5m in cash and 
the issue of 584,795 warrants, exerciseable into one ordinary share in the 
Company at a price of 85.5p each. 
 
 
Board appointment - Ian Butcher 
Ian was Group Finance Director of The Go-Ahead Group plc, one of the UK's 
leading providers of passenger transport services operating in the bus, rail and 
aviation services sectors, between 1996 and 2007, taking a lead role in 
transforming it into a well-respected FTSE 250 company. His work there led to 
Ian being voted FTSE 250 and Overall UK FD of the Year in the CBI FD Excellence 
Awards in 2006. 
 
 
Prior to Go-Ahead, Ian was Group Finance Director for Casket plc, the consumer 
products group, between 1990 and 1995, overseeing its rationalisation, 
successful turn-around and subsequent growth through acquisition. Previous 
experience includes a Finance Director role at Anglia Oils Limited. Ian 
qualified as a Chartered Accountant with KPMG where he stayed for 12 years and 
during which time he worked extensively in the corporate finance and 
restructuring fields. Currently, Ian is Non-executive Director and Audit 
Committee Chairman of Redhall Group plc, the engineering services business. 
 
Commenting on the Acquisitions and the board appointment, Peter Dubens, 
Chairman, said, 
 
 
"The acquisitions of AT Communications and Eurotel support our strategy for 
providing a converged product set to this target market. This is a positive step 
in our growth plans. 
 
 "We are also pleased to welcome Ian Butcher to the 
Board. I believe Ian's strong financial background and 22 years of experience of 
building up companies will make a significant contribution to the Company's 
development going forward." 
 
 
Matthew Riley, Chief Executive Officer of Daisy, said: 
 
 
"These transactions are the first steps for Daisy in executing its strategy to 
consolidate the fragmented reseller market and become a dominant force in the 
SME and mid-market arena. 
 
 
"Both companies have good reputations within the industry and, as part of the 
Group, will support Daisy in delivering an excellent service in all areas of 
communications, from product quality to customer service, further strengthening 
our converged product set and enhancing our offering to the UK business 
community. 
 
 
"I'd like to thank the team for their efforts in the completion of both deals. 
Their hard work means we have been able to ensure customers of both businesses 
will suffer no loss of service." 
 
 
-ends- 
 
 
For further details, contact: 
 
 
+--------------------------------------------------+---------------------+ 
| Daisy Group plc                                  | Tel: [phone]   | 
| Matthew Riley, Chief Executive Officer           |                     | 
| Peter Dubens, Executive Chairman                 |                     | 
| Stewart Porter, Chief Financial Officer          |                     | 
| Katharine Butler, PR Executive                   |                     | 
|                                                  |                     | 
+--------------------------------------------------+---------------------+ 
| Liberum Capital Limited                          | Tel: [phone]  | 
| Steve Pearce                                     |                     | 
| Tom Fyson                                        |                     | 
|                                                  |                     | 
+--------------------------------------------------+---------------------+ 
| Financial Dynamics                               | Tel: [phone]  | 
| Juliet Clarke                                    |                     | 
| Ed Bridges                                       |                     | 
| Erwan Gouraud                                    |                     | 
|                                                  |                     | 
+--------------------------------------------------+---------------------+ 
 
 
 
 
The following additional information falls to be disclosed in relation to Ian 
Philip Butcher (aged 58) in accordance with paragraph (g) of Schedule 2 to the 
AIM Rules for Companies: 
 
 
Current directorships: Redhall Group plc 
Previous directorships: 
 
 
Brighton Transport (EBT2) Limited 
Compass 315 Limited 
East Surrey Bus Services Limited 
OK Motor Services Limited 
Brighton Transport (EBT1) Limited 
Brighton Transport (1993) Limited 
The Wycombe Bus Company Limited 
The Go-Ahead Group QUEST Trustees Limited 
Levers Coach Tours Limited 
Hants and Dorset Bus Company Limited 
OK Motor Services Limited 
Airport Vehicle Engineering Limited 
A V E Aviation Containers Limited 
A V E Towing Limited 
Franess Limited 
Midland Airport Services (Holdings) Limited 
Plane Trucking UK Limited 
The Go-Ahead Group plc 
Aardvark Parking Limited 
Abingdon Bus Company Limited 
Air Vehicles Limited 
Aviance UK Limited 
Birmingham Passenger Transport Services Limited 
Blue Triangle Buses Limited 
Boomerang Parking Limited 
Brighton & Hove Bus and Coach Company Limited 
Chauffeured Parking Services Limited 
City of Oxford Motor Services Limited 
Club Holidays (VO) Limited 
Docklands Minibuses Limited 
Elmcrest Croydon Limited 
Gatwick Handling Limited 
G H Heathrow Limited 
GHI Limited 
GH Manchester Limited 
GH Stansted Limited 
Go-Ahead Finance Company 
Go-Ahead Leasing Limited 
Go Coastline Limited 
Go North East Limited 
Go London Limited 
Go Metro Limited 
Go Northern Limited 
Go-Reading Limited 
Go South Coast Limited 
Go Wear Buses Limited 
Go West Midlands Limited 
Hants & Dorset Motor Services Limited 
Hants & Dorset Trim Limited 
Levers Coaches Limited 
London Central Bus Company Limited 
London General Transport Services Limited 
Marchwood Motorways (Services) Limited 
Marchwood Motorways (Southampton) Limited 
Meet & Greet Parking Limited 
Meteor Parking Limited 
Metrobus Limited 
Metrocity (Newcastle) Limited 
Midland Airport Services Limited 
Nikaro Limited 
P.A.S. Direct Limited 
PAS Gatwick UK Limited 
Pink Elephant Parking Limited 
Plane Handling Limited 
Reed Aviation Limited 
Reed Investments Limited 
Solent Blue Line Limited 
South Central Limited 
Southern Vectis Coaches Limited 
Southern Vectis Commercials Limited 
Southern Vectis Limited 
The Birmingham Omnibus Company Limited 
The Go-Ahead Group Trustee Company Limited 
The Southern Vectis Omnibus Company Limited 
Thames Trains Limited 
Tourist Coaches Limited 
Victory Railway Holdings Limited 
Vikki Osborne (I.W.) Holidays Limited 
Wilts and Dorset Bus Company Limited 
Wilts & Dorset Holdings Limited 
Wilts & Dorset Investments Limited 
GOVIA Limited 
London & Birmingham Railway Limited 
London & East Midlands Railway Limited 
London & South Eastern Railway Limited 
New Southern Railway Limited 
North London Orbital Railway Limited 
Thameslink Rail Limited 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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