focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksTclarke Regulatory News (CTO)

Share Price Information for Tclarke (CTO)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 159.00
Bid: 158.00
Ask: 159.00
Change: -4.00 (-2.45%)
Spread: 1.00 (0.633%)
Open: 160.50
High: 162.00
Low: 158.00
Prev. Close: 163.00
CTO Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Acquisition

25 Aug 2010 07:00

RNS Number : 5794R
Clarke(T.) PLC
25 August 2010
 



 

 

 

Acquisition of DG Robson Mechanical Services Limited

 

 

 

T. Clarke plc ("T. Clarke" or the "Group"), the building services group, today announces the acquisition of DG Robson Mechanical Services Limited("DGR"), a privately owned specialist Mechanical Services & Public Health contractor for a total consideration of up to £6.15 million.

 

Under the terms of the acquisition agreement the initial consideration comprises £1.875 million in cash and the issue to the vendors of 1,451,906 new T. Clarke ordinary shares of 10p each ("Shares"). Subject to the agreement of the completion accounts further consideration of up to £1.5 million in cash will become payable to the vendors on a £ for £ basis if the Net Assets as at Completion exceed £0.5 million. A further amount of consideration of up to £775,000 in cash will become payable to the vendors, subject to certain earnings targets being met, in the two years to 24 August 2012.

 

For the year ended 31 March 2010, DGR reported revenues of £7.7 million (£5.9 million 31 March 2009) and a pre-tax profit of £1.3 million (£0.8 million 31 March 2009). As at 31 March 2010 DGR had gross assets of £3.4 million and net assets of £1.1 million. Although 2009 was a strong year for DGR as a number of projects reached completion, after intergration costs the acquisition is expected to be earnings enhancing in 2011.

 

Application will be made for the admission of 1,451,906 new Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange. It is expected that admission will take place 0800 on 31st August 2010.

 

Based in Brentwood, Essex and focusing on London and the South East, DGR is well known to T. Clarke, having worked together in recent years on projects such as the Westfield London retail development and the refurbishment of the media and broadcasting centre for Associated Press.

 

This important strategic acquisition is expected to enable T Clarke to address its clients changing needs, build upon the Group's strong reputation and position the Group for new opportunities requiring a complete "M&E" solution.

 

DGR has an impressive portfolio of clients and experience across a wide range of sectors, including Education, Transport, Banking, Residential and Commercial Developments. DGR offers to clients the full range of Mechanical Services, notably:

 

·; Mechanical & Public Health Services Packaged Solutions

·; Prefabricated Pipe work Packaged Solutions

·; Gas System Certification (Gas Safe - Commercial & Domestic)

·; Heating and Ventilation Installation

 

Recent and current projects include Stansted Airport Extension, Associated Press, Kelmscott School, North Middlesex Hospital, Royal London Hospital, Rolls Building. In 2009 it was awarded the multi service pipe work installation for the Shard development at London Bridge, which when completed in 2013, will be London's tallest building at 306m.

 

The present owner and Managing Director of DGR, Danny Robson along with fellow executive directors Clive Carr, Richard Exell and Andy Sofroniou will be remaining with the business for a minimum of three years following the acquisition.

 

Mark Lawrence, Chief Executive of T.Clarke commented,

 

"We believe this is an excellent acquisition which truly complements our existing range of services. We believe that with DGR being part of the Group there is an excellent opportunity to improve our service offering and to build upon the scale and number of projects that DGR undertakes. In due course we expect the additional services offered by DGR to diversify and enhance the Group's earnings profile.

 

We welcome the DGR team to the T.Clarke Group."

 

 

Danny Robson, Managing Director of DGR commented,

 

"We are excited to become part of the T.Clarke Group, a company I have long admired with its history, its reputation and credibility in the industry. By joining the Group we will now be able to offer an ever broader range of services to our existing customers and to those of T.Clarke."

 

 

--- Ends ---

 

25th August 2010

 

For further information contact:

T. Clarke plc Mark Lawrence, Chief Executive Tel: 020-7358 5000

 

City Profile Simon Courtenay Tel: 020-7448 3244

 

www.tclarke.co.uk

www.dgrmechanical.com

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
ACQDZLFLBVFXBBZ
Date   Source Headline
18th Jul 201112:00 pmRNSHolding(s) in Company
4th Jul 20117:00 amRNSNotice of Results
23rd Jun 20115:09 pmRNSHolding(s) in Company
21st Jun 20112:38 pmRNSHolding(s) in Company
17th Jun 20117:00 amRNSDirector/PDMR Shareholding
13th May 20115:09 pmRNSResult of AGM
13th May 20117:00 amRNSAGM Statement
4th Apr 20119:44 amRNSAnnual Report and Notice of AGM
18th Mar 20117:00 amRNSFinal Results
14th Jan 20117:00 amRNSTrading Statement
23rd Dec 201011:03 amRNSDirector/PDMR Shareholding
26th Nov 20103:18 pmRNSHolding(s) in Company
19th Nov 20107:00 amRNSInterim Management Statement
26th Oct 20104:46 pmRNSHolding(s) in Company
26th Oct 20104:46 pmRNSHolding(s) in Company
26th Oct 20107:00 amRNSDirectorate Change
26th Oct 20107:00 amRNSDirectorate Change
20th Oct 20107:00 amRNSAutumn Bulletin
21st Sep 201011:41 amRNSHolding in Company
31st Aug 20104:33 pmRNSTotal Voting Rights
27th Aug 20107:00 amRNSHalf Yearly Report
25th Aug 20107:00 amRNSAcquisition
5th Aug 20104:09 pmRNSHolding(s) in Company
5th Jul 20107:00 amRNSTrading Statement
22nd Jun 201012:00 pmRNSDirectorate Change
1st Jun 20109:57 amRNSAnnual Information Update
27th May 20107:00 amRNSSite visit
17th May 20104:13 pmRNSDirector/PDMR Shareholding
7th May 20101:30 pmRNSResult of AGM
7th May 20107:00 amRNSAGM Statement
20th Apr 20105:15 pmRNSHolding(s) in Company
7th Apr 20103:52 pmRNSPosting of Annual Report and Accounts
19th Mar 20107:00 amRNSAcquisition
19th Mar 20107:00 amRNSPreliminary Results
19th Feb 20107:00 amRNST.Clarke Re-Affirms Commitment in Scotland
29th Jan 20107:00 amRNSTrading Statement
4th Jan 20107:00 amRNSDirectorate Change
19th Nov 20097:00 amRNSInterim Management Statement
29th Oct 20094:40 pmRNSSecond Price Monitoring Extn
29th Oct 20094:35 pmRNSPrice Monitoring Extension
28th Aug 20097:00 amRNSDirectorate Change
26th Aug 20094:40 pmRNSSecond Price Monitoring Extn
26th Aug 20094:35 pmRNSPrice Monitoring Extension
21st Aug 20097:00 amRNSHalf Year Results
3rd Aug 20094:35 pmRNSPrice Monitoring Extension
17th Jul 20097:00 amRNSTrading Update and Notice of Results
29th Jun 20094:40 pmRNSSecond Price Monitoring Extn
29th Jun 20094:35 pmRNSPrice Monitoring Extension
18th Jun 20094:34 pmRNSDirector/PDMR Shareholding
4th Jun 20093:14 pmRNSAnnual Information Update

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.