We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
First Trust AlphaDEX US Industrials Sector Index ETF | TSX:FHG | Toronto | Exchange Traded Fund |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 51.92 | 46.54 | 56.53 | 0 | 14:09:55 |
RNS Number:8426H Fitzhardinge PLC 24 February 2003 Fitzhardinge plc ("Fitzhardinge" or "the Company") Acquisitions of Gooch Webster and Fisher Wilson ("Acquisitions") Fitzhardinge plc is a real estate consultancy services group operating under the name of Colliers CRE (Colliers Conrad Ritblat Erdman) which includes its specialist hotels division, Robert Barry & Co. The Directors of Fitzhardinge are pleased to announce that terms have been agreed for the acquisition of Gooch Webster Group Limited ("Gooch Webster") for an aggregate consideration of approximately #8.1 million and, in a separate transaction, for the acquisition of Fisher Wilson (Scotland) Limited ("Fisher Wilson") for an aggregate consideration of #2.5 million (subject to certain adjustments described further below). Gooch Webster Gooch Webster is an independent firm of chartered surveyors and property consultants owned primarily by 33 shareholders who are directors and employees. It is based in the West End of London with offices in Birmingham, Bristol, the City of London, Edinburgh, Glasgow, Leeds and Manchester. It has a total of 240 staff including approximately 150 fee earners. Gooch Webster has developed particular strengths in seven core areas: investment, valuation, offices, industrial, retail, property management and building consultancy together with specialist expertise in the motor trade. Gooch Webster has also participated in and acts as property manager for three joint venture companies with assets exceeding #90 million. These activities, together with Gooch Webster's wide regional presence, strongly complement the operations of Colliers CRE. Gooch Webster's extensive client list includes Sainsbury's, Scottish Enterprise, Morley Fund Management, Staffordshire County Council Pension Fund, DaimlerChrysler and British Bakeries. The aggregate consideration for Gooch Webster of approximately #8.1 million has been satisfied by the issue of 6,902,192 new ordinary shares in Fitzhardinge and an initial cash payment of approximately #300,000 out of the total cash element of #1,050,013. The balance of the cash element is payable by way of loan notes redeemable in instalments over three years. Gooch Webster vendors have an option to take convertible loan notes in place of the cash and loan note element of the consideration. The acquisition by Fitzhardinge is made by way of an offer to the Gooch Webster shareholders (which includes the Gooch Webster ESOT) dated 21st February 2003, which each shareholder has accepted. Based on the accounts for the year ended 30th April 2002, Gooch Webster generated a loss before taxation of #453,000 (after bonuses of #540,000) on turnover of #16.8 million. Net tangible assets being acquired amount to approximately #1.6 million. Fisher Wilson The activities of Fisher Wilson are complementary to those of the Edinburgh offices of Colliers CRE and Gooch Webster. Fisher Wilson specialises in retail and in particular the out of town market. Fisher Wilson's key clients include M.F.I., Peacocks, the Big Food Group, Safeway, Carpetright, The Royal Bank of Scotland and Currys. Fisher Wilson is owned by its five directors and has a total staff complement of 14. As a result of these mergers, the combined company will be one of the largest property consultancies in Scotland. For the year ended 31st March 2002, Fisher Wilson generated profits before taxation of #217,000 (after bonuses and special pension contributions of #415,000) on turnover of #1.75 million. The aggregate consideration of #2.5 million is payable in several tranches. On completion, which is expected to take place on 3rd March 2003, the vendors will be paid in aggregate #1.5 million comprised of #1.125 million in cash and 352,112 Fitzhardinge ordinary shares. On the first, second and third anniversaries of completion, the vendors will receive three further payments, amounting in total to a further #1 million. Each instalment of deferred consideration will be satisfied half by way of new ordinary shares in Fitzhardinge and half by way of loan notes. The consideration payable to the Fisher Wilson vendors is subject to adjustment in accordance with completion accounts. To the extent that the net asset value as set out in the completion accounts is less than #550,000, the vendors will repay the whole of such shortfall to Fitzhardinge. To the extent that the net asset value as set out in the completion accounts is greater than #550,000, Fitzhardinge will pay 60% of such excess in cash to the vendors. In addition, the vendors are entitled to receive further consideration in cash being 42% of certain fees rendered up to 14th March 2003 not taken into account in determining the completion accounts. The total of both additional payments is not expected to exceed #350,000. The Acquisitions The Directors believe that these acquisitions of two independent businesses with strongly complementary activities to Colliers CRE will significantly strengthen its position as one of the top property consultancy service providers in the UK. Significant benefits include both a much stronger national network following the acquisitions and an enlarged and complementary client base which will give rise to considerable cross-selling opportunities. The Directors expect that the enlarged group will benefit from significant cost savings over the following 18 months with a related enhancement to the earnings potential of the group. Application has been made for 6,902,192 new ordinary shares in Fitzhardinge to be admitted to trading on AIM in respect of the acquisition of Gooch Webster. Application will be made in due course for the new ordinary shares in Fitzhardinge issued in respect of the acquisition of Fisher Wilson. David Izett, Managing Director of Fitzhardinge, commented: "These acquisitions consolidate our position as one of the premier property consultancy service companies in the UK. Annualised turnover for the enlarged group is now approaching #60 million. Both acquisitions will complement our existing activities, strengthening the breadth and depth of our knowledge across all regions and business sectors throughout the UK. Together with our international alliance through Colliers, we are well-placed to continue to grow our business". 24th February 2003 Enquiries: Fitzhardinge plc Tel: 020 7935 4499 David Izett, Managing Director Gooch Webster Group Ltd Tel: 020 7409 5100 Lesley Mason, Chief Executive Fisher Wilson (Scotland) Ltd Tel: 0131 220 3220 Bob Fisher, Managing Director Shore Capital Tel: 020 7408 4090 Alex Borrelli College Hill Tel: 020 7457 2020 Gareth David Richard Pearson This information is provided by RNS The company news service from the London Stock Exchange END ACQDGGZZVFVGFZM
1 Year First Trust AlphaDEX US ... Chart |
1 Month First Trust AlphaDEX US ... Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions