Hargreaves Serv Regulatory News (HSP)

13 Oct 2009 07:00



Hargreaves Services plc

13 October 2009

Issue of Equity

Hargreaves Services plc ("the Company"), the leading supplier of support services to the energy, mineral and waste sectors, is pleased to announce the settlement of deferred consideration in connection with the acquisition of Imperial Tankers Limited ("Imperial") in 2007. The vendors of Imperial are entitled to deferred consideration under the acquisition agreement dated 14 September 2007 subject to the achievement of certain performance targets of the combined businesses of Hargreaves Bulk Liquid Transport Limited and Imperial in the first year following completion. Accordingly, at a board meeting on 12 October 2009, 134,343 ordinary shares of 10p each in the Company were issued and allotted to the vendors of Imperial at a price of 730.9p per share. The amount of the deferred consideration was in line with management expectations and the provision carried in the Company's accounts.

Application will be made at the earliest practicable opportunity for admission of the new ordinary shares to trading on the AIM Market of the London Stock Exchange.

Enquiries:

Hargreaves Services plc 0191 373 4485

Gordon Banham, CEO

Iain Cockburn, Group Finance Director

Buchanan Communications 0207 466 5000

Tim Anderson

Catherine Breen

Brewin Dolphin Investment Banking 0113 241 0130

Andrew Emmott

Sean Wyndham-Quin