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Mitie Share News (MTO)

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Share News for Mitie (MTO)

Share Price: 116.30Bid: 116.30Ask: 116.60Change: 2.20 (+1.93%)Riser - Mitie Grp.
Spread: 0.30Spread as %: 0.26%Open: 109.70High: 118.10Low: 108.60Yesterday’s Close: 114.10

Mitie Group buys Robert Prettie & Co for 8.6-32.7 mln stg plus debt

Mon, 2nd Apr 2007 16:26

LONDON (AFX) - Mitie Group PLC said it has bought specialist plumbing firm
Robert Prettie & Co Ltd via its holding firm Jabez Holdings Ltd for an initial amount of 8.6 mln stg.

There will be further potential deferred payments in cash and loan notes up to 23.3 mln stg, based on the company's performance over the next three years. This gives a maximum total payment of 32.7 mln stg, Mitie said in a statement.

The support services company said the initial payment will be 7 mln stg cash plus 1.6 mln of loan notes. In addition, 0.8 mln will be retained against potential warranty claims and Mitie has assumed debt of 3.7 mln stg.

Jabez Holdings Ltd reported a pretax profit of 2.8 mln stg on consolidated revenue of 34.3 mln stg for the year to end March 2006, said Mitie.

Its consolidated gross assets at that date were 14.2 mln stg, of which 9.1 mln stg was goodwill, it added.


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