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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Journey Grp | LSE:WMK | London | Ordinary Share | GB0009422097 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.13 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:2082Z Watermark Group PLC 26 July 2002 For immediate release Watermark Group plc Acquisition of Update International Limited Watermark Group plc ("Watermark"), the provider of marketing support services to the international travel industry, has agreed to acquire the entire issued share capital of Update International Limited ("Update"). Update is a Hong Kong based supplier of passenger care and comfort items to airlines and travel related businesses. £1.19m is payable in cash on completion and up to a maximum of £1.17m will be paid by way of deferred consideration in Watermark shares subject to Update's future performance. Completion will take place on 31 July 2002. In the year ended 31 March 2002, Update achieved a turnover of £7.35m with a profit from operations before non-recurring items and before tax of £0.36m. The accounts for that year show a loss before tax, after non-recurring items, attributable to the net assets being acquired of £10,000. The value of the net assets being acquired totals £0.61m. John Caulcutt, Chief Executive of Watermark, commented "The acquisition of Update brings many benefits to Watermark, not only because Update is generally a major competitor to our core business but also because of its strong links with Far East airlines, including the major carriers within mainland China - an area which we have targeted for expansion following China's entry into the World Trade Organisation last year. "The acquisition will improve Watermark's product portfolio by giving us a stronger foothold in the supply of meal service equipment as well as increasing our buying power with suppliers. Update has 33 airline clients which are new to Watermark, and the move is a major step towards our aim of providing a total ' above the wing' support services package for airlines." ACQUISITION DETAILS: Net assets of £0.61m will be acquired for cash on completion. The remainder of the consideration is made up as follows: an initial amount of £1.16m, being five times the post tax equivalent of Update's operational profit for the year ended 31 March 2002 is payable as to £0.58m in cash on completion and £0.58m by the deferred issue of shares in Watermark. Thereafter, if historic operational profit levels are not met in the two years ended 31 March 2003 and 31 March 2004, the number of shares to be issued relating to the initial element will be reduced and/or a corresponding cash adjustment might be made. If historic operational profit levels are exceeded in those two years, additional shares will be issued up to a maximum of £0.59m. Mr J Richard Duffy and Mr David Weil will remain as directors on the Board of Update. (Exchange rate of £1 = HK$12.3) For further information on Watermark please visit www.watermarkplc.com or contact: John Caulcutt, Chief Executive John West Crispin Quail, Finance Director Rosie Brown Watermark Group plc Tavistock Communications Tel: 01489 897800 Tel: 020 7600 2288 e-mail: info@watermarkplc.co.uk e-mail: jwest@tavistock.co.uk This information is provided by RNS The company news service from the London Stock Exchange
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