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20 Dec 2010 07:00
Dewhurst PLC (the "Company" or "Dewhurst")
Acquisition Update
Further to the announcement on 30 June 2010 Dewhurst PLC, an independent supplier of quality components to the lift, keypad and rail industries, is pleased to announce the acquisition of the remaining shareholding of Ed Park in Elevator Research & Manufacturing Corp. ("ERM") and Winter & Bain Manufacturing, Inc. ("W&B"), both Californian corporations which specialise in the elevator market.
The Company had announced that it had acquired the stakes of Lynn Park (held by Lynn and Susanne Park Trust) in ERM (25%) and W&B (41.67%) for a total cash consideration of US$1million with effect from 1 July 2010.
The Company had also announced that it had agreed with the two remaining shareholders in ERM and W&B, Ed Park (shares held in the name of Frank Edward Park Revocable Separate Property Trust) and Clive Mann (shares held in the name of Mann Family Trust), that it shall purchase their entire shareholdings in ERM and W&B no later than 1 July 2014.
The Company has now agreed with Ed Park, one of the two remaining shareholders in ERM and W&B, that it shall immediately purchase his entire shareholding for a maximum consideration of US$2,017,000 subject to certain performance criteria.
For further details please contact:
Dewhurst Plc | Tel: +44 (0) 208 607 7364 |
Jared Sinclair | |
Seymour Pierce Ltd | Tel: +44 (0) 207 107 8000 |
Freddy Crossley / David Foreman |
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