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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Henry Boot | LSE:BHY | London | Ordinary Share | GB0001110096 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 235.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:4633J Wilson Bowden Plc 01 April 2003 1 April 2003 Wilson Bowden plc Acquisition of Henry Boot Homes Limited Wilson Bowden has today agreed to acquire the entire issued share capital of Henry Boot Homes Limited ("HBH"), the house-building business of Henry Boot PLC ("HB PLC"), for a purchase price of #29.1m. Wilson Bowden is assuming intra-group indebtedness of #18.7m due by HBH, giving the acquisition an enterprise value of #47.8m. The consideration is being paid in cash out of existing loan facilities in three equal instalments: on completion of the transaction, on 1 January 2004 and on 1 September 2004. The disposal by HB PLC is subject to the approval of HB PLC's shareholders at an Extraordinary General Meeting on 17 April 2003. Under the terms of the acquisition, the full benefit of HBH's profits, and its associated economic risks, will accrue to Wilson Bowden with effect from today's date. Irrevocable undertakings to approve the disposal have been given by HB PLC directors and certain other shareholders that equate to approximately 39.6% of the issued share capital of HB PLC. The majority of HBH's operations are in Wilson Bowden's key geographic areas, the Midlands, the South West and the North of England. This acquisition provides an extensive land bank of 1,792 plots at margins more attractive than current open market land purchase, and provides Wilson Bowden with a broader mix of product across its price range. The land bank incorporates 1,332 owned plots and 460 controlled plots, and represents further significant progress towards the 2003 land bank acquisition targets. There are a further 15 sites where terms have been agreed, but no contractual commitments entered into, which Wilson Bowden will review in detail once the acquisition has completed. Wilson Bowden is acquiring the core housebuilding business only. The current book net asset value of the housebuilding business is estimated at #22.6m and in the year to 31 December 2002 it made an operating profit of #11.7m. The acquisition is earnings enhancing from day one, provides an immediate income stream, and synergies achievable should increase the prospective margins to the levels already achieved in David Wilson Homes. This acquisition contributes significantly to the budgeted land bank purchases for 2003. Wilson Bowden expects the acquisition to add around 400 units to its housing completions during the nine months of ownership in 2003. The net assets acquired by Wilson Bowden reconcile with the audited accounts of HBH at 31 December 2002 as follows: Net assets #m Book value of HBH net assets per statutory accounts 31 December 2002 16.4 Restatement (see note 1 below) 10.8 Pre-sale dividend at 50% of restatement (5.4) Profit after tax for quarter to 31 March 2003 0.8 Net assets at 31 March 2003 as adjusted 22.6 Premium 6.5 Consideration for 100% of issued share capital 29.1 Note 1 The restatement reflects a change in the accounting policy for profit recognition in the statutory accounts of HBH as at 31 December 2002 to a plot profitability approach. This adjustment was made as a condition of the acquisition. A further condition of the acquisition was that 50% of this adjustment, after tax, is paid out as a pre-sale dividend which is shown separately in the above net asset reconciliation. David Wilson, Chairman of Wilson Bowden, said: "This is an excellent opportunity to purchase a business with a significant land bank, a large proportion of which already has the benefit of full planning approval. Our existing land bank in our core regions of the Midlands, the South West and the North of England will be greatly strengthened by this acquisition. "This purchase has been evaluated according to Wilson Bowden's normal strict financial criteria and exceeds our demanding hurdle rate for land acquisitions." David Wilson, Chairman, and Ian Robertson, Group Chief Executive, will be holding an analysts' briefing at 10 a.m. this morning at Financial Dynamics, Holborn Gate, 26 Southampton Buildings, London WC2A 1PB. Contacts: Wilson Bowden plc David Wilson, Group Chairman Ian Robertson, Group Chief Executive 020 7831 3133 (Financial Dynamics) until noon 01530 265248 thereafter Financial Advisors: HSBC Bank plc Nick McCarthy 020 7992 2153 Press Relations: Financial Dynamics Jon Simmons/Meg Baker 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange END ACQUUUPPCUPWUMG
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