Clarkson Regulatory News (CKN)

10 Aug 2006 11:07

Clarkson PLC10 August 2006 CLARKSON PLC Acquisition of Genchem Holdings Limited Further to the announcement made on 16 June 2006 Clarkson PLC ('Clarksons')confirms that it has now completed the acquisition of Genchem Holdings Limited('Genchem') group of companies, subject to the share element of theconsideration being admitted to the Official List. Genchem which has operations in London, Ipswich, Great Yarmouth, Bristol,Liverpool and Southampton is a privately owned shipping services provider.Genchem's services comprise shipbroking, port agency, warehousing andstevedoring employing 54 people. The acquisition cost of £8.6 million was satisfied as to £5.3 million in cashand £3.3 million by the issue of 374,368 new ordinary shares in Clarksons. Inaddition, deferred consideration of up to £1.5 million may be payable over thenext 3 years dependent on the achievement of performance targets over thatperiod. Genchem's last audited results to 31 December 2005 indicated a pre-tax profit of£1.5 million. Gross assets at 31 December 2005 were £4.8 million. Net assets at1 July 2006, the effective date of the acquisition, were £2.0 million. Clarksons' expanded operating platform will enable the company to respondproactively to the needs of its present and future customers. Application is being made to the UK Listing Authority and to the London StockExchange for the new ordinary shares to be admitted to the Official List and totrading on the London Stock Exchange. For further information: Richard Fulford-Smith Clarkson PLC Telephone: +44 774 7334 3139 Alex Geddes Genchem Holdings Limited Telephone: +44 20 7776 4680 10 August 2006 Notes to editors Background to Clarkson PLC Clarkson PLC (which is listed on the London Stock Exchange) is acknowledged asthe world's leading shipping services group. Through its unrivalled andextensive global network of offices it is able to give its clients unique accessto a wide range of shipping services. Clarksons covers shipbroking, research,publications, derivatives and logistics. Clarksons' strategy is to expand anddevelop the group around these key activities. For further information on Clarkson PLC, please visit the company's website atwww.clarksons.com This information is provided by RNS The company news service from the London Stock Exchange