Charles Taylor Regulatory News (CTR)

21 Jun 2006 07:34

21 June 2006 Charles Taylor Consulting plc Acquisition Charles Taylor Consulting plc ("Charles Taylor") is pleased to announce thatCharles Taylor Consulting Services (Canada) Inc., its wholly owned subsidiary,has acquired MGI Loss Adjusters Inc ("MGI"), for up to C$4.5 million, satisfiedby the issue of 405,603 new shares in Charles Taylor and up to C$1.32 millionin cash. In the 10 months ended 31 January 2006, MGI reported a turnover ofC$2.4 million.MGI is a loss adjusting business located in Toronto, Canada, employing 9executives who specialise in commercial and industrial losses. They will beincorporated into Charles Taylor's Bateman Chapman business where MGI'sexpertise in handling major mining, energy and utility losses in Canada and theUS will add to Bateman Chapman's resources in these areas. The acquisition willincrease Bateman Chapman's Canadian presence, where it currently has offices inCalgary, Halifax and St. John's.The cash consideration, which is payable in four annual instalments commencingapproximately a year after completion, is subject to profitability targetsbeing achieved. In addition, 230,862 of the new shares to be issued arerequired to be held for periods between 1 and 2 years post-completion.Application has been made to the UK Listing Authority and the London StockExchange for admission of the 405,603 new Charles Taylor shares to trading onthe Official List of the London Stock Exchange. It is expected that theseshares will commence trading on the Official List on 22 June 2006. These shareswill rank pari passu in all respects with the existing ordinary shares ofCharles Taylor.For further information on this acquisition please contact the following:Damian Ely, Chief Operating Officer, Charles Taylor Consulting plc 020 77594960Joe McMahon, Managing Director, Bateman Chapman 020 7623 1819 Current Trading The situation reported to you at the time of the company's AGM continues tohold good today and this acquisition will reinforce our very successful Energyoperation. Since the AGM, our appointment as Managers of the proposed LondonAuthorities Mutual has been confirmed. Additionally, we have been requested toprovide feasibility studies by other public sector authorities. The prospectsfor our mutual management business overall remain good.Our loss adjusters are all busy and the run-off market is providing plenty ofopportunities for us to develop this business further.END.ENDCHARLES TAYLOR CONSULTING PLC