Cohort PLC Acquisition (6551V)
01 February 2017 - 7:00AM
UK Regulatory
TIDMCHRT
RNS Number : 6551V
Cohort PLC
01 February 2017
1 February 2017
Cohort plc
("Cohort")
Acquisition
Cohort completes acquisition of 100% of Marlborough
Communications Ltd (MCL)
Cohort, the independent technology group, is pleased to announce
that it has acquired the minority (49.999%) holding in its
subsidiary MCL for a cash consideration of GBP5.1m in line with the
arrangements stated at the time of its acquisition in July 2014.
This takes Cohort's holding in MCL to 100%, and the total
consideration, including deferred consideration paid to date, to
GBP12.1m. The consideration has been paid out of Cohort's existing
financial resources. A further payment of approximately GBP2.0
million is expected to be made on or before 31 July 2017 reflecting
a further earn out linked to MCL's current order book and the
minority holding's share of the surplus cash in MCL. The impact of
this acquisition is expected to be earnings enhancing in the
remainder of the financial year ending 30 April 2017.
MCL is a standalone member of the Group, alongside MASS, SEA and
EID, and provides specialist communications and surveillance
technology to defence and security markets in the UK and overseas.
MCL's existing management team remains in place following the
transaction.
Andy Thomis, Chief Executive of Cohort, said:
"We are pleased to have completed the acquisition of MCL. Since
joining the Group in 2014, they have demonstrated the quality of
their specialist skills and the demand for their products,
particularly in the areas of tactical hearing protection and
airborne communications. With a good pipeline of opportunities in
the remainder of our financial year, we are confident that the
transaction will be earnings enhancing."
This announcement contains inside information.
Ends
For further information, please contact:
Cohort plc 0118 909 0390
Andy Thomis, Chief Executive
Simon Walther, Finance
Director
Investec Bank Plc 020 7597 5970
Keith Anderson / Daniel
Adams
MHP Communications Limited 020 3128 8100
Reg Hoare / Jamie Ricketts
/ Ollie Hoare
NOTES TO EDITORS
Cohort is the parent company of four innovative, agile and
responsive businesses based in the UK and Portugal, providing a
wide range of services and products for domestic and export
customers in defence and related markets.
MASS is a specialist defence and technology business, focused on
electronic warfare, information systems and cyber security.
www.mass.co.uk
MCL is an expert in the sourcing, design, integration and
support of communications and surveillance technology for the
defence and security markets.
www.marlboroughcomms.com
SEA is an advanced electronic systems and software house
operating in the defence, transport and offshore energy
markets.
www.sea.co.uk
EID designs and manufactures advanced communications systems for
the defence and security markets.
www.eid.pt
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQUAUBRBUAAOAR
(END) Dow Jones Newswires
February 01, 2017 02:00 ET (07:00 GMT)