9 Aug 2012 07:00
Date: | 9 August 2012 |
On behalf of: | Charles Taylor plc ("Charles Taylor" or the "Company") |
Embargoed until: | 0700hrs |
Charles Taylor plc
Acquisition of Noble Inspection and Loss Adjustment Company
Charles Taylor plc (LSE: CTR), a leading international provider of professional services to clients in the global insurance market, announces that it has entered into an agreement to acquire 60% of the issued share capital of Noble Inspection and Loss Adjustment Company ("NILACO") in Saudi Arabia. The Acquisition is part of Charles Taylor's strategy to expand its loss adjusting office network into territories and regions where there is a demand from global and local insurance markets.
The Acquisition of NILACO, a licensed loss adjusting company based in Saudi Arabia, provides Charles Taylor Adjusting with a loss adjusting presence in Riyadh and Jeddah and builds on the Group's existing capabilities in the United Arab Emirates and Qatar.
The value of the initial consideration is USD 163,000 in cash plus deferred cash consideration of up to USD 68,000, payable in two parts on 31 December 2014 and 2015. Additionally, under the terms of the agreement, the vendor is required to subscribe for USD 43,000 of Charles Taylor shares on or around completion of the Acquisition. The number of shares for which the vendor will subscribe will be determined by a price equivalent to the closing price as recorded on the Daily Official List of the London Stock Exchange on the day before the Shares are allotted by CT plc. The Acquisition remains subject to certain conditions including, inter alia, receipt of approvals from certain regulatory agencies and governmental authorities.
Commenting, David Marock, Group Chief Executive, Charles Taylor plc said:
"This strategic move will give Charles Taylor a loss adjusting presence in Saudi Arabia for the first time and complements our existing multi-line loss adjusting offices in Dubai and Doha. Charles Taylor Adjusting is a leading international loss adjusting business and we have set out our strategy to expand our office network into new territories and regions where there is a demand from global and local insurance markets. We see significant growth opportunities across the Middle East and this move provides us with a full adjusting licence in Saudi Arabia, together with an established operation and a book of local business."
-ENDS-
Enquiries:
For further information: | |
Charles Taylor plc | www.ctcplc.com |
David Marock, Group Chief Executive Officer | Via Redleaf Polhill |
Mike Lord, Group Communications Director | |
Redleaf Polhill | ct@redleafpolhill.com |
Emma Kane/Rebecca Sanders-Hewett/ David Ison | 020 7566 6720 |
Notes to editors
About Charles Taylor plc
·; Charles Taylor plc, headquartered in London, is a leading international provider of professional services to clients in the global insurance market. The Group has been providing professional services to insurance clients since 1885 and today has 900 staff in 47 offices spread across 23 countries in the UK, the Americas, Asia Pacific, Europe and the Middle East.
·; The Group offers services across the whole insurance market, principally on a fee-based model and operates through three professional services businesses - Management, Adjusting and Insurance Support Services. Charles Taylor also has a Run-off business that owns insurance companies which are closed to new business.
·; Charles Taylor's vision is to become the professional services provider of choice to the insurance market.
Further information is available at www.ctplc.com
Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.