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1 Aug 2012 07:00
Dewhurst PLC (the "Company" or "Dewhurst")
Acquisition Update
Further to the announcements on 30 June 2010 and 20 December 2010, Dewhurst PLC, an independent supplier of quality components to the lift, keypad and rail industries, announces the acquisition of the remaining shareholding of Clive Mann in Elevator Research & Manufacturing Corp. ("ERM") and Winter & Bain Manufacturing, Inc. ("W&B"), both Californian corporations which specialise in the elevator market.
On 19 May 2011 W&B was merged into ERM. The shareholding of Clive Mann became 20% of the newly combined ERM corporation.
The Company has now agreed with Clive Mann, the only remaining shareholder in the newly combined ERM, that it shall immediately purchase his entire shareholding for US$906,950 (previously reported as a maximum consideration of US$1,067,000 subject to certain performance criteria).
For further details please contact:
Dewhurst Plc | Tel: +44 (0)20 8744 8251 |
Richard Dewhurst / Jared Sinclair | |
Seymour Pierce Ltd | Tel: +44 (0)20 7107 8000 |
Freddy Crossley / David Foreman (Corporate Finance) | |
Paul Jewell (Corporate Broking) |
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