Hummingbird Resources Regulatory News (HUM)

26 Jun 2006 07:01

Farley Group PLC26 June 2006 Farley Group Plc Completion of the acquisitions of Iwood Management Limited and Westchurch Lettings Limited Further to the announcement on 12 June, Farley Group ("Farley" or the "Company")today announce the completion of the acquisitions of Iwood Management Limitedand Westchurch Lettings Limited (The "Acquisitions"), all of which currentlytrade as C.J.Hole Country out of 12 estate agent branches in Somerset. It isintended that all these offices will be converted to trade under the Humbertsbrand over the next six months, bringing the total number of Humberts offices toover 50. The consideration for the Acquisitions will be between £2 million and £2.55million based on the profit before tax for the year ended 31 May 2006, payableas to two thirds in cash and one third in Farley shares. The Company willinitially be issuing 643,939 new ordinary shares pursuant to the Acquisitions.Application has been made for these new ordinary shares to be admitted totrading on AIM with admission is expected to occur on 30 June 2006. The Acquisitions had consolidated net assets of £677,000 as at 31 May 2005 andmade a profit before tax for the year to 31st May 2005 of £413,000 after addingback non recurring payments to directors and related pension contributions. The proposed acquisition is expected to be earnings enhancing in the currentyear to 30 September 2006. This information is provided by RNS The company news service from the London Stock Exchange