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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:2615J Watermark Group PLC 27 March 2003 Strictly embargoed until: 07.30, 27 March 2003 WATERMARK GROUP PLC ACQUISITION OF M'N'H RECYCLING 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 M'n'H Recycling Limited ("M'n'H"). M'n'H is based in Sussex and recycles airline amenity and other related travel products. Of the consideration, #410,662 is payable in cash on completion (to include net assets) and in addition, up to a maximum of #1,268,584 will be paid by way of deferred consideration in Watermark shares ranking pari passu with those in issue at the price of 88 pence being that prevailing at the close of business on the date prior to the agreement subject to M'n'H's future performance. In the year ending 30 November 2002, M'n'H achieved turnover of #1,498,000 with profits before tax of #182,675. The value of the net assets being acquired totals #248,796. John Caulcutt, Chief Executive of Watermark, commented "The acquisition of M'n'H is a further step towards our aim of providing a total "above the wing" support services package for airlines. The opportunity provided through the services offered by M'n'H to reduce airlines' operational costs will further expand the services which Watermark is able to provide. As we stated when Watermark's preliminary results for the year ending 31 December 2002 were announced on 19 March, Watermark has consistently out-performed market expectations and has again produced a set of record results which reflected the success of acquisitions made during that period. These have enhanced the range of goods and services Watermark is able to supply to the airline and travel sector and has helped us to reduce their costs through outsourcing. This acquisition is consistent with and will build upon that success." The agreement is conditional only upon clearance being received by the Inland Revenue pursuant to the terms of Section 138 of the Taxation of Chargeable Gains Act 1992 and Section 707 of the Income and Corporation Taxes Act 1988 which has today been sought. Completion will take place as soon as possible after receipt of such clearance which it is anticipated will be in the second half of April 2003. Acquisition Details Net assets of #248,796, to be adjusted downwards to reflect interim dividends paid in 2003 of #19,360, will be acquired for cash on completion. The remainder of the consideration is made up as follows:- 1. An initial amount of #724,905 being five times the post tax profits of M'n'H for the year ending 30 November 2002 is payable as to 25% in cash on completion and as to 75% by the deferred issue of shares in Watermark, at a price of 88 pence per share, but to be allotted in two tranches in 2004 and 2005, subject to adjustment if historic post tax profit levels are not met in the two years ending 31 December 2003 and 31 December 2004. 2. If historic post tax profits are exceeded in those two years, additional shares allotted at the same price will be issued up to a maximum of #724,905. 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 897 800 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 END ACQJFMLTMMJTBAJ
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