Acg Metals Regulatory News (ACG)

31 Aug 2005 07:02

Accuma Group PLC31 August 2005 Press Release 31 August 2005 Accuma Group plc Acquisition and Placing Accuma Group Plc ('Accuma' or the 'Group'), a leading provider of personal debtadvice specialising in Individual Voluntary Arrangements (IVAs), today announcesthe acquisition of Wilson Phillips Limited ("Wilson Phillips"), a personalinsolvency practice, for a total consideration of £3,335,000. The acquisitionwill be funded by a placing of 1,935,500 new ordinary shares at a placing priceof 155p, raising £3 million before expenses. Wilson Phillips is a personal insolvency practice located in Blackburn,Lancashire. It was established in May 1999 and currently employs 23 staff.During the year ended 31st May 2005, Wilson Phillips reported turnover of £1.13million from which it made a pre-tax profit of £230,000. Wilson Phillips operates within the same market as Accuma although it generatesits clients from strategic relationships with other financial intermediaries. Itcurrently has £2.4 million of future contracted revenues and an estimated 2.2%share of the UK IVA market with a monthly run rate of 40 cases. Accuma will acquire Wilson Phillips for an initial consideration of £2,668,000.Up to a further £667,000 may become payable after six months upon the completionof an agreed number of IVA cases. This can be satisfied in cash or shares at aprice of 155p per share at the discretion of the vendors subject to a minimumcash payment of £166,750. Of the £2,668,000, £250,000 will be satisfied by the issue of 161,291 ordinaryshares in the Group and will be subject to a two year lock-in. Accuma has applied for the 2,096,791 new ordinary shares issued pursuant to theacquisition and the placing to be admitted to trading on AIM on 6 September2005. Charles Howson, Chief Executive of Accuma Group, commented: "I am delighted to announce the acquisition of Wilson Phillips as this furtherenhances the strong organic growth that Accuma has achieved since listing inMarch. Our market share continues to grow and this acquisition will ensure thatthe Group continues to meet demand for its services both from the publicdirectly and from increased referrals from other financial intermediaries." For further information: Accuma Group plcCharles Howson, Chief Executive Tel: +44 (0) 161 235 6460charles.howson@accumagroup.com www.accumagroup.com Daniel Stewart & Co.Marc Young / Tom Jenkins Tel: +44 (0) 20 7776 6581marc.young@danielstewart.co.uk Media enquiries:AbchurchPeter Curtain / Chris Lane Tel: +44 (0) 20 7398 7700chris.lane@abchurch-group.com www.abchurch-group.com This information is provided by RNS The company news service from the London Stock Exchange