James Fisher and Sons Regulatory News (FSJ)

15 Jun 2007 09:38

Fisher (James) & Sons PLC15 June 2007 15 June 2007 JAMES FISHER SELLS SHIPS ELECTRONIC SERVICES LIMITED TO ITS MANAGEMENT FOR £396,000 James Fisher and Sons plc ('James Fisher' or FSJ.L), the leading marine servicecompany, announces the sale of its wholly owned subsidiary, Ships ElectronicServices Limited ("SES"), to four members of the current management of SES. The cash consideration of £396,482, equal to the net assets, is payable atcompletion, which is expected to be on or before 30 June 2007. The purchasersare Colin Anderson Director of SES, Paul Rees Director of SES, Simon Wood anemployee of SES and Stephen Roper who was Finance Director of FT Everard & SonsLimited at the time of its purchase by James Fisher. Stephen Roper will becomeManaging Director of SES. SES, which supplies and maintains marine electronic navigation, communicationand entertainment equipment, is a subsidiary of FT Everard & Sons Limited andwas purchased by James Fisher in December 2006. SES had net assets of £415,720on 31 December 2006 and made a loss of £253,168 before tax in the year to 31December 2006. Tim Harris, Chairman of James Fisher, said: "The underlying business of SES was not core to James Fisher and the future ofthe company is better assured under the ownership of its management." Stephen Roper, Acting Managing Director, said: "SES has been part of the Everard family of companies for many years and hasretained a strong niche position in the industry. The purchase gives our team anopportunity to concentrate on its development in the future." EC Hambro Rabben & Partners Ltd acted as corporate finance advisors to JamesFisher. For further information please contact: James Fisher and Sons plc Tim Harris Chairman 020 7614 9508 www.james-fisher.co.uk Ships Electronic Services Stephen Roper Acting Managing Director 01322 394 514 www.Stephen.Roper@ft-everard.co.uk EC Hambro Rabben & Partners Eivind Rabben 020 7355 4100 www.echambrorabben.co.uk Peter Donald Financial Dynamics Richard Mountain 020 7269 7121 Susanne Yule This information is provided by RNS The company news service from the London Stock Exchange